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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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AIG Staging Bond Market Comeback as Swaps Fall |
Bloomberg - Nov. 8, 2010 - By Hugh Son and Sapna Maheshwari
American International Group Inc. is plotting a comeback in the bond market as perceptions of the insurer’s creditworthiness rise to the highest since before its $182.3 billion rescue by the government in September 2008.
AIG is preparing to raise money in a debt sale by year-end as Chief Executive Officer Robert Benmosche seeks independence from the U.S. government, the New York-based company said in a Nov. 5 filing. The cost of protecting AIG’s debt with credit- default swaps has tumbled to 188 basis points from as high as 3,683 in May 2009, according to data provider CMA.
Benmosche, 66, has completed about $37 billion in divestitures of overseas units in the past month as part of a plan to repay U.S. taxpayers. The insurer has made “huge progress” in its restructuring and will emerge from government ownership ranked among the world’s largest insurers, Benmosche told staff last week. AIG bonds returned 2.75 percent in October, the best performance among the top 50 issuers in the Bank of America Merrill Lynch U.S. Corporate Master Index.
“As the story materializes and you can see what the core franchise will look like, that’s getting priced into the bonds,” said Angelo Graci, managing director at Chapdelaine Credit Partners, a New York-based bond broker. “AIG’s debt is trading at levels that require comparison to peers” such as MetLife Inc., the biggest U.S. life insurer, Graci said.
Demonstrate Access
AIG is set to take advantage of demand for corporate bonds as the Federal Reserve’s effort to reduce unemployment and avert deflation by keeping interest rates at record lows and purchasing $600 billion of Treasuries drives investors toward riskier borrowers.
A bond offering would be the parent company’s first since the month before its rescue. AIG must demonstrate access to capital markets before the U.S. withdraws its support, U.S. Treasury Department Chief Restructuring Officer Jim Millstein said in May.
Elsewhere in credit markets, the extra yield investors demand to hold corporate bonds worldwide rather than government debentures expanded last week for the first time since the period ended Sept. 24. Relative yields climbed 1 basis point last week to 165 basis points, or 1.65 percentage points, according to Bank of America Merrill Lynch’s Global Broad Market Corporate Index. Spreads have declined from a high this year of 201 basis points on June 11. Average yields fell to 3.42 percent from 3.45 on Oct. 29.
The cost of protecting corporate bonds from default in the U.S. climbed for the first time in six days.
For the complete article visit Bloomberg.com
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