US STOCKS FELL THEN ROSE TODAY, as investors fled into the safety of bonds. The falling bond yields resulted in stocks ending the day near level with this morning. Similarly, the 10-Year Treasury note dropped to as low as 1.598%, but is currently up 2.6 basis points at 1.734%. S&P +0.08%, DOW -0.09%, NASDAQ +0.38%
|Key Gainers and Losers||Volume Leaders|
|CVS Health Corp. 5.05% 3/25/2048
Anthem Inc. 4.375% 12/1/2047
General Electric Co. FLT% PERP (1)
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. UDR Inc. (USD) 3% 8/15/2031 (08/06/2019): 400MM Senior Unsecured Notes, Price at Issuance 99.71, Yielding 3.03%.
2. PPG Industries Inc. (USD) 2.8% 8/15/2029 (08/06/2019): 300MM Senior Unsecured Notes, Price at Issuance 99.732, Yielding 2.83%.
3. Occidental Petroleum Corp. (USD) 3.137% 2/8/2021 (08/07/2019):500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.14%.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Rite Aid Corp. (5Y Sen USD MR14)
Weatherford International LTD (5Y Sen USD MR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|Road King Infrastructure LTD (5Y Sen USD CR14)|
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- Albertsons LLC, Helical PLC, London Stock Exchange Group PLC, Maxamcorp Holding SL
- TED spread held below 16 bp (basis points), as of 08/07/19
- Net positive capital flows into high-yield ETFs & mutual funds
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