BOSTON FED RESERVE CHAIRMAN ERIC ROSENGREN stated he sees “no clarion call” to increase interest rates any time soon emphasizing “the Fed can afford to wait and see.” Unemployment is hovering at 50-year lows, In April the jobless rate was 3.6 percent. Treasury yields ticked higher after a report the US eased trade restrictions on Chinese telecom giant Huawei Technologies. The 10-year note gained 1.2 basis points. S&P +0.84%, DOW +0.72%, NASDAQ +1.05%.
|Key Gainers and Losers||Volume Leaders|
|CVS Health Corp. 5.05% 3/25/2048
HSBC Hldg PLC FLT% 5/18/2024
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Bank of America NA (USD) FLT% 5/24/2021 (05/20/2019):1750MM Senior Unsecured Notes, Price at Issuance 100.
2. Wells Fargo Bank NA (USD) FLT% 5/27/2022 (05/20/2019):1000MM Senior Unsecured Notes, Price at Issuance 100.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Weatherford International LTD (5Y Sen USD XR14)
Hertz Corp. (5Y Sen USD CR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Southern California Edison Co., Horizon Pharma Inc., Berry Plastics Corp.
- TED spread held below 16 bp (basis points), as of 05/21/19
- Net positive capital flows into high-yield ETFs & mutual funds
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