Investment Grade Bond Research - October 21, 2019

Posted by Pierre Robert on Oct 22, 2019 12:02:35 PM

STOCKS AND BONDS MIXED TO HIGHER. WEIRD PIERRE DELECTO HAS ARRIVED. MITT ROMNEY NOM DE PLUME. GOP CRITICISM OF TRUMP PUSH BACK. DOW 30 +0.17%, NASDAQ  +0.86%, SP 500 +0.65%

STOCKS AND BONDS HOLD STEADY TO SEE WHERE WE WILL GO.  (See the chart above for ADI bonds above.) Pierre Robert
Key Gainers and Losers Volume Leaders
+   HSBC Hldg PLC FLT% 5/25/2021 + 0.0%
  Altria Group Inc. 5.95% 2/14/2049 + 0.3%
-   Wells Fargo & Co. 4.15% 1/24/2029 -0.2%
  Anheuser-Busch Inbev Worldwide Inc. 4.75% 1/23/2029 -0.2%
Wells Fargo & Co.   4.15% 1/24/2029
Broadcom Corp.   3.875% 1/15/2027
Industry Returns Tracker
Industry Past Day Past Week Past Month Past Quarter YTD Past Year
Agriculture, Forestry, Fishing -0.08% 0.10% 0.82% 1.08% 5.73% 6.52%
Mining 0.04% 0.16% 0.14% 2.36% 11.74% 11.79%
Construction 0.15% 0.11% 0.82% 2.23% 9.35% 10.24%
Manufacturing 0.07% 0.26% 0.78% 2.99% 10.66% 11.32%
Transportion, Communication, Electric/Gas 0.06% 0.27% 0.79% 3.54% 13.57% 14.93%
Wholesale 0.18% 0.48% 0.91% 3.06% 12.61% 12.28%
Retail 0.11% 0.36% 0.80% 3.36% 12.04% 12.98%
Finance, Insurance, Real-Estate 0.06% 0.24% 0.68% 2.30% 9.33% 10.52%
Services 0.08% 0.32% 0.90% 3.04% 10.65% 12.10%
Public Administration 0.08% 0.16% 0.47% 1.43% 4.77% 6.82%
Energy 0.03% 0.20% 0.19% 2.27% 12.05% 11.88%
 
Total returns (non-annualized) by rating, market weighted.
New Issues New Issues [Continued]



(None Current 10/21/2019)

 

 

Additional Commentary


NEW ISSUANCE WATCH: on 10/21/19 participants welcome a $1500M new corporate-bond offering by
Royal Bank of Scotland . 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)
Rite Aid Corp. (5Y Sen USD MR14)
Weatherford International LTD (5Y Sen USD XR14)
Ghana, Republic of (5Y Sen USD CR14)
Export Credit Bank of Turkey (5Y Sen USD CR14)

unnamed - 2019-09-09T165404.526

Loans and Credit Market Overview


SYNDICATED LOANS HIGHLIGHTS:

Deals recently freed for secondary trading, notable secondary activity:
  • Live Nation Entertainment Inc., Berry Plastics Corp., Raytheon Co., Shearer's Foods Inc.
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces.  Positive effects remained in force:
  • TED spread held below 29bp (basis points), as of 10/21/19
  • Net positive capital flows into high-yield ETFs & mutual funds
 

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Topics: High Yield, Investment Grade, Loans, Analytics, bonds, junk bonds, bond market, market analytics, New Issues, Finance, Fixed Income, News, Syndicated Bonds, syndicated, research, market update


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