U.S. STOCKS DROPPED MONDAY morning amid trade tensions with China. By mid-afternoon, most of the losses had been recovered, despite being down close to 500 points earlier in the day. Industrial and tech companies with exposure to China fared the worst, as shown by a 0.5% decline in the NASDAQ. 10-Year U.S. Treasury Notes fell 2.5 basis points.S&P-0.45%,Dow-0.25%,NASDAQ -0.50%.
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
JOBLESSNESS IN THE U.S. has fallen to 3.6%, marking the lowest level since December 1969. This is due in part to a shrinking labor force, but also indicates that the economy remains strong. The Dow Jones recovered well Friday after two days of significant loss, closing up 195 points. 10-Year U.S. Treasury Notes fell 1.5 basis points. S&P +0.96%, Dow +0.75%, NASDAQ +1.58%.
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
The Dow Jones continued to fall Thursday, dropping 122.35 points as the Federal Reserve refused to lower interest rates. Worker productivity in the U.S. is advancing at the fastest rate since 2010. Additionally, 10-year U.S. Treasury notes rose 3.6 basis points. S&P -0.21%, Dow -0.46%, NASDAQ -0.16%.
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
RISK TAKING WAS SCALED BACK AS INVESTMENT-GRADE DEBT ROSE against its high-yield counterpart in net prices linked to actual trades. The Federal Reserve held interest rates at their current levels following the meeting on Wednesday. Jerome Powell stated softening inflation is likely to be “transient,” but if easing inflation persists it is “something we would be concerned about.” The 10-year note gained 0.7 basis points. S&P -0.57%, DOW -0.44%, NASDAQ -0.32%.
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
HIGH-YIELD DEBT RETAINED AN EDGE AGAINST INVESTMENT GRADE BONDS in net prices linked to actual trades. Muted signs of inflation have agitated bond investors to be the most bullish on longer-dated U.S. Treasuries since 2016. The Fed’s preferred method of evaluating inflation, the rate of Personal consumption expenditure increased by 1.7 percent on a year-over-year basis. The 10-year note lost 2.3 basis points. S&P -0.01%, DOW +0.08%, NASDAQ -0.75%.
| Key Gainers and Losers | Volume Leaders | |||||||||
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Home Depot Inc. 3.75% 2/15/2024 GE Capital Intl. Funding Co. 4.418% 11/15/2035 |
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| New Issues | New Issues [Continued] |
|---|---|
| 1. Lear Corp. (USD) 4.25% 5/15/2029 (04/29/2019): 375MM Senior Unsecured Notes, Price at Issuance 99.691, Yielding 4.29%. 2. Norfolk Southern Corp. (USD) 4.1% 5/15/2049 (04/29/2019):400MM Senior Unsecured Notes, Price at Issuance 99.264, Yielding 4.14%. |
| 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) |
SuperValu Inc. (5Y Sen USD MR14) Atmos Energy Corp. (5Y Sen USD MR14) |
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.
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
JUNK BONDS ROSE AGAINST INVESTMENT GRADE DEBT as investors anticipate a sound jobs report showing growth despite the rocky start to 2019. Gold edged lower as positive Chinese economic data revealed industrial firms reported a rise in profits for the first time in four months.The S&P 500 and NASDAQ closed at record highs lifted by more positive earnings.The 10-year note rose 2.6 basis points. S&P +0.11%, DOW +0.04%, NASDAQ +0.19%.
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
US ECONOMY GROWS BY 3.2% IN FIRST QUARTER, beating expectations. Retailers boosted strong sales gains in March, contributing to the pickup in consumer spending; contrary there was a slowdown in spending on services as well as automobiles. Residential construction fell at a 2.8 percent rate, making it the fifth straight quarterly decline.
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
JOBLESS CLAIMS SPIKE by 37,000 soaring past 200,000 hitting a two-and-half month high, economists attribute the Easter, Passover and spring break for the rise. Despite the uptick, in unemployment applications, the economy remains sound. “Company CEOs may have feared recession in surveys taken at the start of the year, but those concerns have faded” said Chris Rupkey, chief economist at MUFG in New York. The 10-year note rose 0.8 basis points. S&P+0.13%, DOW-0.32%,NASDAQ+0.37%.
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
INVESTMENT-GRADE DEBT EDGED OUT JUNK BONDS in net prices linked to actual trades as investors purchase safe-haven assets. Treasury yields dip on soft global economic data stirring up anxiety among investors. The spread between the two and10-year widened to 21.5 basis points. The 10-year note sank 5.0 basis points. S&P-0.03%,DOW-0.10%,NASDAQ-0.02%.
| Key Gainers and Losers | Volume Leaders | |||||||||
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Apple Inc. 2.4% 5/3/2023 GE Capital Intl. Funding Co. 3.373% 11/15/2025 |
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| New Issues | New Issues [Continued] |
|---|---|
| 1. Kimberly-Clark Corp. (USD) 3.2% 4/25/2029 (04/23/2019): 700MM Senior Unsecured Notes, Price at Issuance 99.83, Yielding 3.22%. 2. Rogers Communications Inc. (CAD) 3.25% 5/1/2029 (04/23/2019):1000MM Senior Unsecured Notes, Price at Issuance 99.746, Yielding 3.28%. 3. JBS USA LLC (USD) 5.875% 7/15/2024 (04/24/2019): 150MM Senior Unsecured Notes, Price at Issuance 101.75, Yielding 5.48%. |
| Top Widening Credit Default Swaps (CDS) | Top Narrowing Credit Default Swaps (CDS) |
| Rite Aid Corp. (5Y Sen USD XR14) Hertz Corp. (5Y Sen USD CR14) |
Cable & Wireless Communication (5Y Sen USD CR14) Atmos Energy Corp. (5Y Sen USD MR14) |
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.
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
U.S. TREASURY YIELDS ACROSS the board settled lower following the sale of $40 billion of 2-year notes; the 2-year note sank 4.6 basis points and 10-year note dipped 2.2 basis points. S&P and NASDAQ surged past record highs on Tuesday on upbeat earnings relieving anxiety on a gloomy earnings season. S&P +0.88%, DOW +0.55%, NASDAQ +1.32%
| Key Gainers and Losers | Volume Leaders | |||||||||
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Molson Coors Brewing Co. 2.25% 3/15/2020 Celgene Corp. 3.875% 8/15/2025 |
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| New Issues | New Issues [Continued] |
|---|---|
| 1. Kimberly-Clark Corp. (USD) 3.2% 4/25/2029 (04/23/2019): 700MM Senior Unsecured Notes, Price at Issuance 99.83, Yielding 3.22%. 2. Rogers Communications Inc. (USD) 4.35% 5/1/2049 (04/23/2019):1250MM Senior Unsecured Notes, Price at Issuance 99.667, Yielding 4.37%. |
| 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) |
SuperValu Inc. (5Y Sen USD MR14) Atmos Energy Corp. (5Y Sen USD MR14) |
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.
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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