Bonds and more bonds
The latest installment of last week in bonds.
At $43+ billion, it was an above average week. Some refinanccing, a few share buy backs, funding for a midstream MLP drop down and 'general corporate purposes.'
I thought the most interesting thing was that over half the borrowing was from outside the US with most of that coming from financials and gov't / regional development banks. Probably just a one-time, but will be keeping an eye on it to see if a trend develops. No Cypriot banks in case anyone's curious.
One interesting tidbit in the junk filings, Kaisa Group, a Chinese real estate company, floated a junk issue. I've seen Chinese companies issuing USD bonds before, but don't recall seeing a RE company or a junk issue. Not sure why a Chinese housing company needs to borrow US dollars, but it did.