Week in review

Week in review

From the trading desk

The US Treasury yield curve continues to flatten, investors switch out of Transocean and into Sprint, FIIG favourite names in good supply with downward pressure on USD bonds issued by Australian companies. Demand for the Virgin 2023s continues, Sydney Airport 2030s attractive amid inflation expectations and new NextDC 2021 to start trading. RMBS supply still available.

Week in review

From the trading desk

More increases expected in the Fed funds rate, investors sell USD bonds and bring funds home, NextDC issues a A$300m fixed and floating rate tranche, trades in the PMP 2019 callable bond, and RMBS a popular choice for wholesale investors. Research initiates it recommendation on the Virgin AUD 2023 bond

Week in review

From the trading desk

Fed restrictions on major investment banks, active trades in the USD investment grade space while high yield sells off, RMBS supply available, and FIIG originated bonds active as StockCo and Axsesstoday become available to retail investors. With the Aussie dollar below 74 cents, we make suggestions for new USD bonds to buy

Week in review

From the trading desk

Rising oil price follows plans to increase production, switch from JEM Southbank to alternatives, Virgin AUD bond still offers attractive yield, and investors sell off USD high yield while others add exposure at cheaper levels. StockCo goes retail and is callable in 2019, read our research and strategy update

Week in review

From the trading desk

Fed raises rates as expected, surprise US Genworth approval. Modest demand for Sprint, HCA continues as a US investment grade favourite, Virgin AUD bond popular in the Asian markets and RMBS offering attractive yields. Active trades across FIIG originated bonds as investors switch into the new Next Generation senior secured bond issued last week

Week in review

From the trading desk

Fed minutes due Thursday with a hike anticipated, HCA the standout USD trade, Kindred calls its 2023 bond, Virgin’s AUD bond flies out the door, and Cash Converters popularity continues after equity raising announcement. Sell off in AUD investment grade with investors switching to floating rate notes

Week in review

From the trading desk

New DirectBond from HCA, QBE upgrade, switches from several AUD high yield names into Virgin’s new AUD bond. Cash Converters equity raising to repay September 2018 bond and USD high yield available in Hertz 2022 and Sprint 2025 bonds

Week in review

From the trading desk

Positive US data continues despite some missed expectations, active trades in Hertz 2022s after sustained price weakness, Sprint 2025s see further demand, and investors redirect Plenary redemption funds to the Praeco 2020s. Sell off in Qantas 2020s while QBE USD 2026s an attractive investment grade option. Both Merredin and JCP USD yielding above 7%

Week in review

From the trading desk

Next Fed rate rise priced in for the June meeting, QBE subordinated notes the USD standout, and Virgin’s USD high yield debt look attractive after new AUD issuance. Investors switch out of high yield and into BoQ, Challenger and IAG. The Praeco bond offers standout relative value, and the new Aroundtown 2025 AUD bond a popular choice

Week in review

From the trading desk

Disappointing US average earnings, active trading in Barminco continues, price rallies in the Sprint 2023 and 2025 bonds following merger talks, Dean Foods downgraded. Investment grade BoQ sub debt available, switches into the IAG Tier 2 note from AUD FRNs. CML and Capitol Health due to repay investors. Plenary’s new subordinated notes still open

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