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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
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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
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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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Corporate Bond Market ‘On Fire’ in Europe as New Issues Jump |
Sept. 8 (Bloomberg) -- Corporate bond sales surged in Europe, driving this year’s record issuance above $1.23 trillion, as borrowers from Italian automaker Fiat SpA to Dutch phone provider Royal KPN NV tapped credit investors.
Issuance is now 11 percent ahead of the total for all of 2008 and demand for risk assets has driven the extra yield buyers demand to hold investment-grade corporate bonds down to 2.02 percentage points, from as high as 4.63 percentage points in March, Merrill Lynch & Co.’s EMU Corporate Index shows.
“The market is back on fire after its usual summer lull,” said Juan Esteban Valencia, a credit analyst at Societe Generale SA in London. “Appetite for credit remains unabated.”
Turin-based Fiat is selling 1.25 billion euros ($1.8 billion) of five-year bonds at a yield of 7.75 percent, according to SocGen, one of the managers of the issue. KPN in The Hague is issuing 850 million pounds of 20-year bonds priced to yield 175 basis points more than similar-maturity U.K. government bonds, a banker involved in the deal said.
Bayerische Motoren Werke AG, the world’s biggest maker of luxury cars, is offering 1.5 billion euros of bonds, according to a banker involved in the deal. The notes will be priced to yield 133 basis points over the benchmark mid-swaps rate. A basis point is 0.01 percentage point.
Investor Demand
“A number of non-financial deals are coming to market this week,” analysts at Barclays Capital wrote in a note to clients today. “We believe these will do well as investors continue to demand corporate credit.”
Governments across Europe are turning to banks to underwrite bond sales to ensure demand as they borrow record amounts to pull their economies out of the deepest recession in decades.
Italy is syndicating a 30-year deal, its longest benchmark note, that attracted orders of more than 4 billion euros, bankers involved in the transactions said. Italy’s bonds will be priced to yield between five basis points and eight basis points more than the country’s existing debt maturing in 2039.
The market for covered bonds was also active with Deutsche Pfandbriefbank offering a 1.5 billion-euro issue of five-year notes priced to yield 50 basis points more than swaps, according to a banker involved in the transaction.
To contact the reporter on this story: Esteban Duarte in Madrid at eduarterubia@bloomberg.net
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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