U.S. MANUFACTURING DECLINED IN SEPTEMBER as the global economic slowdown starts to take a toll on the economy. Overall production slipped 0.4 percent largely due to a pullback in the mining sector. Homebuilding follows suit retreating from 12 year-highs as housing starts fall 9.4 percent. “It inches them forward to taking out a little more insurance to help support the economy that continues to face the headwinds of reduced world trade from tariffs.”
| Key Gainers and Losers | Volume Leaders | |||||||||
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AT&T Inc. 4.5% 3/9/2048 Bank of America Corp. 3.559% 4/23/2027 CVS Health Corp. 5.05% 3/25/2048 |
| Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| New Issues | New Issues [Continued] |
|---|---|
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1. Santander Holdings USA (USD) FLT% 7/21/2023 (10/16/2019): 439MM Senior Unsecured Notes, Price at Issuance 100. 2. Bank of Montreal (USD) 2.05% 11/1/2022 (10/16/2019): 500MM Senior Unsecured Notes, Price at Issuance 99.883, Yielding 2.09%. |
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Additional Commentary
Toyota Motor Credit Corp. The most recent data showed a money flowed out of highyoutflow ETF/mutual funds for the week ended 9/27/2019, with a net outflow of $258 million.
| 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) |
San Miguel Corp. (5Y Sen USD CR14) Atmos Energy Corp. (5Y Sen USD MR14) |
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- Live Nation Entertainment Inc., Berry Plastics Corp., Raytheon Co., Shearer's Foods Inc.
- TED spread held below 35 bp (basis points), as of 10/17/19
- Net positive capital flows into high-yield ETFs & mutual funds
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