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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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| 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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UPDATE: Rush Of Asset-Backed Bonds Offered Before Holidays |
DOW JONES NEWSWIRES - Nov. 15, 2010 - By Anusha Shrivastava
NEW YORK (Dow Jones)--Nearly $3 billion worth of new bonds backed by consumer loans have emerged in the last full week before the U.S. Thanksgiving holiday, which marks the traditional end of the issuance calendar.
Issuers ranging from Harley-Davidson Inc. (HOG) to Banco Santander (STD, SAN.MC) tapped the market on Monday. The collateral backing of the new bonds ranged from car and motorcycle loans to student loans and credit card debt.
That said, the bulk of asset-backed securities' issuance centers around the auto sector this year, at more than 60%, as demand for cars as well as auto ABS remains strong.
By contrast, credit card debt-backed deals are less than 7% of the total, largely because consumers have shied away from racking up debt amid an anemic economy and stubbornly high unemployment rate.
Student loan-backed bonds comprise about 16% of new deals, according to data from Citigroup. Total year-to-date issuance stood at $90.41 billion through Thursday. Last year by that time, bonds valued at $123.44 billion were sold.
"We are running out of weeks in the year to issue bonds," said the head of the asset-backed securities desk at a primary dealer, noting this could be the last big week of the year.
Harley-Davidson has tapped the market with a $600 million security backed by loans on motorcycles, its first bond this year.
Santander Consumer USA, the consumer finance entity of Spain's Banco Santander has a $675 million subprime auto loan-backed bond. This is its third deal of the year. Joint lead managers are Deutsche Bank, Citibank and Santander NY.
Gracechurch Card Funding, through which Barclays Capital securitizes UK Barclaycard receivables has a $500 million bond, according to a person familiar with the matter.
Barclays' self-led bond is being offered via the private Rule 144a bond market. The 1.98-year AAA-rated $500 million tranche has price guidance in the range of 60 basis points over one-month London interbank offered rate, or Libor, and is subject, meaning investors have already said they will buy all of it.
Delta Air Lines Inc. (DAL) added to the list with its $474.072 million security. The bond is backed by 25 vintage Boeing, Airbus and McDonnell Douglas aircraft and three 2009 Boeing aircraft. Joint lead managers on the bond are Credit Suisse, Morgan Stanley and Deutsche Bank Securities.
Also Monday, South Carolina Student Loan Corp. is in the market with a $500 million student-loan-backed bond, according to a person familiar with the matter.
The bond is backed by FFELP loans and is expected to price by Wednesday. Joint lead managers on the deal are Royal Bank of Canada and Bank of America Merrill Lynch.
--By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com
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