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Bonds and more bonds

Recs

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March 19, 2013 – Comments (0)

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.

Fool on!

Russ

 

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