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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
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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
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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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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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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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Pimco Says U.S. Banks ‘Bondholder’s Dream’ on Capital Rules |
Bloomberg - June 30, 2011 - By Zeke Faux
Pacific Investment Management Co. is wagering that U.S. banks will withstand the Greek deficit crisis with their bonds returning more than other debt after their worst monthly performance this year.
“U.S. banks are in a stronger position to absorb deterioration in the macroeconomic environment,” Mark Kiesel, global head of corporate bond portfolios at Pimco, wrote today on the firm’s website. “Bank and financial credit spreads remain attractive.”
Investors have turned away from financial debt as Greece’s struggle to avoid default threatened its creditors, creating buying opportunities, said Kiesel, who’s based in Newport Beach, California. Pimco, manager of the world’s largest bond fund, favors the bonds of JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), as regulators require the biggest banks to hold more assets to back their debt, he said.
“That’s a bondholder’s dream,” Kiesel said yesterday in a telephone interview. “You’re basically having the incentives for these companies aligned with yours.”
While JPMorgan and Goldman Sachs are “clear winners,” Bank of America Corp. (BAC) may need to sell part of the firm’s $21 billion stake in China Construction Bank Corp. to comply with the so-called Basel III rules, Kiesel told Carol Massar and Matt Miller on Bloomberg Television’s “Street Smart” today.
Bank Bonds Fall
“Bank of America, of the major banks, is in the least best position from a capital standpoint,” Kiesel said. “JPMorgan and Goldman can literally get to Basel III by the end of 2012.”
Bank bonds lost 1 percent this month, the biggest decline since November, according to Bank of America Merrill Lynch index data. The extra yield investors demand to hold the debt jumped 23 basis points since the end of May to 212 basis points, or 2.12 percentage points. Spreads on industrial company debt expanded 6 basis points to 144 basis points during the period. Strategists at JPMorgan, whose fixed-income research group ranked first in Institutional Investor magazine’s latest survey of U.S. money managers, changed their recommendation on U.S. banks to “neutral” from “overweight” this month.
“The long bank short industrial trade is a crowded one and has not performed well as risk sentiment has turned,” strategists led by Eric Beinstein wrote in a June 17 report.
For the complete article.
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