Corporations benefit in new issue market as demand drives cheaper financing.
More strategic M&A: Expedia to acquire Orbitz.
Strategic M&A heats up while large LBOs remain cool.
Looking at the impact of Europe's quantitative easing program on corporate bond markets.
New issue market subdued; JPMorgan's issue attractive whereas Ecolab looked expensive.
Fixed-income returns in 2014 primarily driven by declining interest rates.
The boost from declining rates may be over, but macroeconomic fundamentals in the U.S. should generally be supportive of credit risk.
Retailers' bonds outperform while energy bonds continue to underperform.
Will the Fed finally eliminate 'considerable time'?
New issue market reaches new volume records
China cuts interest rates and ECB pledges to ramp up its stimulus programs.
GDP and inflation pick up in euro area, which may keep ECB monetary policy on hold.
Economic metrics keep Fed on autopilot; ECB intimates more QE is coming.
GDP grows 3.5%, but is likely to moderate in the fourth quarter.
Tech investors burned by earnings disappointments and recapitalization.
Only best-known issuers with strong balance sheets dared tap the new issue market.
While marriages are increasing in the health-care sector, conscious uncoupling increases in the technology sector.
But market rebound isn't enough to offset losses experienced earlier in the week.
Widening high-yield spreads will start to attract investors.
With interest rates poised to rise further and credit spreads near their tightest levels since the end of the 2008–09 credit crisis, we expect rising rates to largely offset the yield that investment-grade corporate bonds currently offer.
New Best Idea highlighted, but otherwise, value hard to find.
Credit spreads were unable to hold their ground last week.
Credit spreads holding steady despite new issue supply.
Economic indicators released last week indicate that US economy is continuing to expand at a moderate pace.
As credit spreads have tightened on a nearly continuous trend over the past year, they are becoming richly valued relative to their historical average.
New issue supply fell well short of demand to put money to work last week.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
The buy-the-dip crowd was in full force as corporate spreads tightened, but the dips have become increasingly shallow and almost imperceptible on a long-term chart.
The market seems to believe that any potential contagion from the situation in the Ukraine or economic weakness in China will be extremely limited in the United States.
Strong job growth sent Treasury rates upward, but corporate credit spreads held steady on a flood of new issues.
The impact from the emerging-markets disruption barely dented the corporate bond market.
Headline payrolls numbers disappointed last week, but the bond markets rallied on underlying private-sector strength
At this point, the instability appears to be contained in relatively small geographic regions.
We continue to view credit spreads as fairly valued, albeit at the tight end of the range that we see as appropriate, given our economic outlook.
Corporate bond trading activity was relatively light as many investors decided to wait for the calendar to build this week as reporting season ramps up.
It was back to the grind last week as traders and portfolio managers returned to their desks after the holidays for the first full trading week of the year.