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European Bond Research as of February 14, 2017

Posted by Michael F. Brown on Feb 14, 2017 4:04:39 PM

EUROPEAN HIGH-YIELD BONDS RETAINED FAVOR - although a narrow one, over a range of investment-grade securities. Disappointing GDP numbers for Germany and the overall euro-bloc weighed upon 'risk-on' trades, as did views of increased French political risk ahead of an upcoming presidential election. Nonetheless, a residual bullish tone after yesterday's resurgence in risk-taking in Europe and 'across the pond' in the U.S. was in play, on the heels of fresh record highs in Dow, S&P 500, and Nasdaq.

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Topics: High Yield, Investment Grade, debt

European Bond Research as of January 31, 2017

Posted by Molly Housel on Jan 31, 2017 4:33:46 PM

'RISK-OFF' SENTIMENT WAS TONED DOWN relative to yesterday's levels, among a spectrum of European corporates. Investment-grade debt edged out junk bonds in net price gains nonetheless, amid continued attention to political risk emanating from 'across the pond' on the U.S. front. Corporate-bond investors took sector cues from gains in Deutsche Bank AG shares, moving up 2.1% before profit-taking set in. Upbeat views on financials were offset a bit by a 3.4% pullback in Italy's  UniCredit SpA, as of 4 PM, London time. However, gains in retailer Hennes & Mauritz AB, Ocado Group PLC, and Alfa Laval AB buoyed the pan-European Stoxx 600, limiting its descent into the shallow red.

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Topics: High Yield, Investment Grade, debt

Bond New Issues: Week Ending January 27, 2017

Posted by Michael Manna on Jan 30, 2017 2:52:09 PM

North American Investment Grade debt was more than triple the amount of that issued in high yield this week, with investment grade debt totaling $24.85 billion and high yield debt totaling $8.26 billion. JPMorgan Chase & Co. (NYSE: JPM) and The Goldman Sachs Group Inc (NYSE: GS) led investment grade deals with JPMorgan having one issue of senior unsecured notes totalling $2.75 billion and Goldman Sachs with three new issues of senior unsecured notes totalling $5.0 billion. This represented 31.2% of total investment grade debt issued this week. Other stocks in the financial sector also had a big week as Capital One Financial Corporation (NYSE: COF) had two new issues of senior unsecured notes totaling $2.0 billion, BB&T Corporation (NYSE: BBT) with three new issues of senior unsecured notes totaling $2.6 billion, Royal Bank of Canada (NYSE: RY) with two new issues of senior unsecured notes totaling $1.75 billion, and SunTrust Banks Inc (NYSE: STI) with two new issues of senior unsecured notes totalling $1.3 billion. International Business Machines Corporation (NYSE: IBM) also had a busy week with four new issues of senior unsecured notes totalling $2.75 billion.

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Topics: High Yield, Investment Grade, New Issues

European Bond Research as of January 25, 2017

Posted by Molly Housel on Jan 25, 2017 12:12:02 PM

Expansive tone continued to build regarding a spectrum of risk-assets, leading European junk debt to draw a fresh wave of bids along with equities. A strong showing by the banking sector was kindled by upbeat earnings from  Santander SA, sending the Spanish bank's shares up 4.7%. The news carried along a range of other European banks as well, including France's Societe Generale SA and Germany's Deutsche Bank AG. A rally in Logitech International SA, posting share gains of over 15.5% as of 4PM London time and supporting the European tech group, provided additional sector cues to corporate-bond traders.

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Topics: High Yield, Investment Grade, debt

Bond New Issues: Week Ending January 20, 2017

Posted by Michael Manna on Jan 23, 2017 10:35:45 AM

North American Investment Grade debt was more than quadruple the amount of that issued in high yield this week, with investment grade debt totaling $36.55 billion and high yield debt totaling $8.649 billion. The International Bank for Reconstruction and Development (IBRD) led investment grade deals with a new issue of unsecured notes totaling $5 billion. This represented 13.7% of total investment grade debt issued this week. Financial sector stocks also had a big week with Morgan Stanley (NYSE: MS) having three new issues of senior unsecured notes totaling $7.0 billion, Bank of America (NYSE: BAC) with four new issues of senior unsecured notes totaling $6.75 billion, and Wells Fargo Securities (NYSE: WFC) with two new issues of senior unsecured notes totaling $5.0 billion.

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Topics: High Yield, Investment Grade, New Issues


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