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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
|
3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
|
848.03 |
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S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
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S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
|---|
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Utility Debt Issues Energize Corporate Bond Market |
DOW JONES NEWSWIRES - June 8, 2011 - By Kellie Geressy-Nilsen
NEW YORK -(Dow Jones)- While overall investment-grade corporate bond issuance has slowed amid signs of flagging economic growth, utility companies stepped in Tuesday to fill part of the gap.
Utilities, with their steady revenues and cash flows, have always been a safe haven for investors in uncertain times, and utility finance chiefs are taking advantage.
Three of the four deals on Tuesday's high-grade docket are energy-based: Atmos Energy Corp. (ATO) is selling $400 million of 30-year bonds, NiSource Inc.'s ( NI) NiSource Finance is prepping its $400 million sale of 30-year bonds, and NextEra Energy Inc.'s (NEE) Capital Holdings Inc. said it would offer $250 million of 10-year senior unsecured debt.
Atmos increased its debt offering by $100 million and launched it with a risk premium, or spread over Treasurys, five basis points narrower than had been expected, underscoring investor demand for this type of security. A basis point is one-hundredth of a percentage point.
NextEra also boosted its offering by $150 million to $400 million, and launched it with a two-point tighter basis points spread 148 basis points over Treasurys.
"It's easy to lead with utilities in this type of market environment," said Tom Murphy, sector leader and portfolio manager at Columbia Management LLC in Minneapolis. He noted that while the amount of utility and energy companies selling debt might be coincidental, in a "rocky market" such as it is, that sector has often been successful on a new issue basis.
On Monday, Spectra Energy Holdings (SE) and Florida Power & Light accounted for half of all borrowers in the high-grade market with a combined $750 million in sales.
"We have worked hard to position SEP with a strong portfolio of stable fee- based assets that produce consistent cash flows and have a strong credit profile," said Steve Baker, Spectra Energy Partners' treasurer.
Those attributes are what make utility bonds attractive to investors, even when they are worried about the overall economy.
"Utilities are a safe haven for bond buyers," said Larry Glazer, portfolio manager at Mayflower Investments in Boston.
For the complete article.
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