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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)
|
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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Bond Issuance Plunges on ‘Armageddon' Scenarios: Credit Markets |
Bloomberg - Sept. 30, 2011 - By Alan Goldstein and Paul Armstrong
Corporate bond offerings worldwide plunged in the third quarter to the lowest level since Lehman Brothers Holdings Inc.'s 2008 failure as Europe's sovereign debt crisis caused investors to shun all but the safest securities.
Hewlett-Packard Co., the world's largest maker of personal computers, and Santa Clara, California-based chipmaker Intel Corp. led borrowers issuing $543.2 billion of bonds in the past three months, according to data compiled by Bloomberg. Issuance fell 41 percent from the second quarter and 38 percent from a year ago as offerings by financial firms and junk-rated companies largely evaporated.
Relative borrowing costs jumped to the highest in more than two years after Standard & Poor's stripped the U.S. of its top credit grade in August and debt swaps signaled a near-certain probability of Greece defaulting. The Federal Reserve failed to ignite issuance after saying it would replace $400 billion of short-term debt in its portfolio with longer-term Treasuries to stave off recession and lower interest rates.
“Nobody likes buying debt when everyone's putting out stories that Armageddon is around the corner,” Michael Johnson, chief market strategist at Scottsdale, Arizona-based broker- dealer M.S. Howells & Co., said by telephone. “The underlying problems in the corporate market aren't there, but that's being masked until we can figure out what Europe's going to do.”
‘Risk-Off Sentiment'
The extra yield investors demand to own investment-grade corporate bonds globally instead of government debt grew to 264 basis points on Sept. 26, the widest since July 2009, according to Bank of America Merrill Lynch index data. Yields for issuers rated below Baa3 by Moody's Investors Service and less than BBB- by S&P rose to 9.63 percent, the most since December 2009.
“There's a risk-off sentiment that's tied to a lack of a believable solution in Europe and a lack of any firm guidance on the U.S. economy from Washington,” said Zane Brown, fixed- income strategist at Lord Abbett & Co. in Jersey City, New Jersey. “The cynics in fixed-income are waiting to see proof before they buy in again.”
Elsewhere in credit markets, SLM Corp., the student lender known as Sallie Mae, plans to sell $817 million of bonds backed by student loans after relative yields jumped. Flexera Software Inc. increased the discounts at which it's selling $330 million of loans as prices for the debt fell for the fifth time in six days.
For the complete article.
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