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|
|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|
|New Issues||New Issues [Continued]|
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%.
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
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.