U.S. TRADE GAP SHRANK IN JULY as exports rebound causing the deficit to decline by 2.7 percent. Industrial supplies lead the drop in imports falling by 7.4 percent month over month. “The ongoing trade war between the world’s largest economies has hurt China perhaps more than the U.S. but a few signs of a slowdown have now emerged in the U.S. too.” The 10-year note lost 0.4 basis points. S&P+0.84%, DOW +0.68, NASDAQ +1.09%.
|Key Gainers and Losers||Volume Leaders|
|Altria Group Inc. 4.8% 2/14/2029
Apple Inc. FLT% 2/9/2022
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Deere & Co. (USD) 2.875% 9/7/2049 (09/03/2019): 500MM Senior Unsecured Notes, Price at Issuance 99.96, Yielding 2.88%.
2. Alexandria Real Estate Equities Inc. (USD) 2.75% 12/15/2029 (09/03/2019): 400MM Senior Unsecured Notes, Price at Issuance 99.842, Yielding 2.77%.
3. Willis North America Inc. (USD) 3.875% 9/15/2049 (09/03/2019):550MM Senior Unsecured Notes, Price at Issuance 99.595, Yielding 3.9%.
Deere & Co. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 8/16/19, with a net outflow of $4.07 billion.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD XR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- Electronic Arts Inc., AutoData, PaySimple Inc., Nike Inc., US Foods Inc., Duerre Group
- TED spread was 18 bp (basis points), as of 09/04/19
- Net positive capital flows into high-yield ETFs & mutual funds
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