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Xcel 4.000% 06/28 - -

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US STRIPS 0.000% 05/53 - -

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UBS 5.125% Perp 95.125 8.37%

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BIM 7.375% 05/26 - -

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Turkey 9.875% 01/28 - -

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Keppel REIT 3.150% Perp 99.450 3.87%

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Vedanta 10.875% 09/29 - -

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Philippines 4.200% 01/24 - -

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Westpac 5.000% Perp - -

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Exim India 3.875% 03/24 - -

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Barclays 6.125% Perp - -

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Ping An 2.750% 06/25 98.819 5.21%

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Romania 2.750% 04/41 - -

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SMC 8.750% Perp 103.750 7.74%

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Santos 6.875% 09/33 - -

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Piedmont 3.500% 06/29 - -

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Intel 5.600% 02/54 - -

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Methanex 5.250% 12/29 - -

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Del Monte Pacific 3.750% 12/24 - -

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Singtel 3.250% 06/25 - -

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Manila Water 4.375% 07/30 - -

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DBS 5.479% 09/25 - -

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Santander 4.750% Perp - -

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JLR 5.875% 01/28 - -

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BNP 8.500% Perp - -

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Barclays 5.400% Perp - -

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Saudi Arabia 5.000% 01/53 - -

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Shui On 5.500% 06/26 - -

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Huarong 3.800% 11/25 - -

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AIA 4.950% 03/35 99.095 5.06%

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US STRIPS 0.000% 02/54 - -

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Embraer 5.050% 06/25 - -

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Egypt 5.250% 10/25 99.763 5.53%

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Shriram 6.150% 04/28 - -

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Shriram 6.625% 04/27 100.865 6.22%

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HDFC Bank 5.686% 03/26 - -

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Vale 3.750% 07/30 - -

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Vedanta (94% Sink Factor) 13.875% 12/28 - -

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BCT 5.750% 01/25 - -

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Citibank 5.803% 09/28 - -

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UBS 5.600% Perp - -

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Seazen Holdings 4.500% 05/26 - -

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Westpac 2.668% 11/35 - -

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NextEra 4.625% 07/27 - -

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PT Pertamina 6.450% 05/44 - -

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US Treasury 0.000% 01/25 - -

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Kenya 6.300% 01/34 - -

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General Motors 4.300% 04/29 - -

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SMC Global Power 5.450% Perp - -

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Globe Telecom 2.500% 07/30 - -

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Nvidia 2.850% 04/30 - -

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General Motors 5.200% 04/45 - -

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Shriram 4.150% 07/25 - -

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Wells Fargo 4.100% 06/26 - -

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Macquarie 6.798% 01/33 - -

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Pakistan 7.375% 04/31 83.750 10.99%

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Egypt 4.750% 04/25 - -

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BP 4.875% Perp 97.309 5.46%

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Seazen 4.450% 07/25 - -

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ReNew Power 4.500% 07/28 - -

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China Oil & Gas 4.700% 06/26 - -

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Pemex 5.350% 02/28 - -

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Saudi Aramco 4.375% 04/49 - -

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HPE 5.600% 10/54 - -

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Pricoa 5.100% 05/28 - -

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Citigroup 4.600% 03/26 - -

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Southwestern Electric Power 4.100% 09/28 - -

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WEC 1.375% 10/27 - -

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KOGAS 3.500% 07/25 - -

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SBI 5.950% 12/24 - -

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BNP 5.283% 11/30 - -

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SBI 5.125% 11/29 - -

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Saudi Aramco 5.750% 07/54 - -

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DoubleDragon 7.250% 07/25 - -

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Muthoot 4.400% 09/23 - -

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Indofood 4.745% 06/51 - -

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Keybank 5.850% 11/27 - -

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Frasers Property 4.380% Perp 100.239 2.30%

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Abja 5.450% 01/28 100.881 5.13%

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Emirates NBD 1.840% 05/26 - -

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Korea Electric Power 6.000% 12/26 - -

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NatWest 6.000% 12/23 - -

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Goldman Sachs 3.750% 05/25 - -

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Imperial 4.875% 06/32 - -

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Buenos Aires 5.125% 09/37 - -

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Olam 4.000% 02/26 99.130 4.73%

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Scotiabank 4.500% 12/25 - -

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Wells Fargo 3.000% 04/26 - -

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ING Groep 7.250% Perp 103.491 6.76%

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Egypt 7.600% 03/29 - -

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OCBC 1.832% 09/30 97.589 5.08%

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Vedanta 11.250% 12/31 - -

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Thaioil 5.375% 11/48 - -

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Krung Thai 4.400% Perp - -

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SIA 5.250% 03/34 104.400 4.65%

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Energean 8.500% 09/33 - -

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Julius Baer 4.875% Perp - -

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Singapore 3.375% 05/34 - -

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US Treasury 0.000% 01/25 - -

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TAQA 6.500% 10/36 - -

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UOB 2.550% Perp 96.625 3.57%

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UBS 5.875% Perp - -

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UOB 3.059% 04/25 - -

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Vedanta (55% Sink Factor) 13.875% 12/28 - -

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Ford 4.750% 01/43 - -

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Korea East West Power 3.600% 05/25 - -

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StanChart 4.750% Perp 88.384 7.12%

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Boeing 3.500% 03/45 - -

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Petronas 3.500% 03/25 - -

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Egypt 8.700% 03/49 - -

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US Treasury 3.875% 08/33 - -

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Rio Tinto 5.200% 11/40 - -

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Petrobras 5.600% 01/31 - -

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Caterpillar 8.250% 12/38 - -

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Kraft Heinz 3.000% 06/26 - -

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ESR Group 5.100% 02/25 90.400 51.53%

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CBA 3.150% 09/27 - -

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Micron 5.875% 09/33 - -

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Shui On 5.500% 03/25 - -

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Israel 7.250% 12/28 - -

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UBS 3.750% 03/25 99.561 5.15%

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Pakistan 8.250% 09/25 - -

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Campbell 5.200% 03/29 - -

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SocGen 8.500% Perp - -

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Deutsche Bank 6.000% Perp 98.460 7.83%

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BOC Aviation 3.250% 04/25 - -

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Muthoot 6.375% 04/29 99.314 6.55%

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BAT Capital 5.650% 03/52 - -

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BNP 4.625% Perp 93.979 7.77%

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JLR 5.500% 07/29 - -

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San Miguel 5.500% Perp 53.125 134.29%

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Netflix 4.900% 08/34 - -

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Nordea 6.300% Perp - -

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Lockheed Martin 4.070% 12/42 - -

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Israel 4.500% 04/99 - -

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Tencent 3.800% 02/25 - -

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US Treasury 4.375% 05/34 - -

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Kenya 8.250% 02/48 - -

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BCT 8.250% 09/27 - -

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Jollibee 4.750% 06/30 - -

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ICTSI 3.500% 11/31 - -

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REC 5.625% 04/28 101.116 5.25%

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Walmart 4.500% 09/52 92.830 4.97%

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Qatar 5.103% 04/48 - -

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Turkey Sukuk 6.500% 04/30 - -

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Delhi Intl Air 6.125% 10/26 - -

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Philippines 5.500% 03/26 - -

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BoFAML 5.526% 08/26 - -

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KOWEPO 4.125% 06/25 - -

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Dah Sing 3.000% 11/31 - -

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Ghana 0.000% 07/26 - -

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KSA Sukuk 5.250% 06/34 102.580 4.90%

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Metinvest 7.750% 10/29 - -

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Allianz 3.200% Perp - -

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Senegal 6.750% 03/48 - -

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Firstenergy Transmission 2.866% 09/28 - -

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Oman 4.750% 06/26 - -

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BNP 5.900% Perp - -

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INALUM 4.750% 05/25 - -

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DTE 5.100% 03/29 - -

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Verizon 2.625% 08/26 - -

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Conagra 1.375% 11/27 - -

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GLP 3.875% 06/25 - -

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Adani 4.375% 07/29 - -

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Volcan 8.750% 01/30 - -

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Times China 5.550% 06/24 - -

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GC Treasury Center 5.200% 03/52 - -

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Metropolitan Life 3.000% 09/27 - -

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Barclays 7.300% Perp 107.416 4.99%

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AerCap 3.650% 07/27 - -

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Murphy Oil 6.000% 10/32 - -

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AIA 3.200% 03/25 - -

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UnionBank 2.125% 10/25 - -

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ArcelorMittal 4.250% 07/29 - -

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China Water 4.850% 05/26 - -

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StanChart 6.296% 07/34 104.970 5.55%

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Humana 3.700% 03/29 - -

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Delhi Intl Air 6.450% 06/29 102.514 5.80%

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US Treasury 5.000% 10/25 - -

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Sprint 7.625% 03/26 - -

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US Treasury 4.000% 02/34 - -

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Commerzbank 6.500% 04/34 - -

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PNC Bank 3.100% 10/27 - -

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Korea Electric Power 3.625% 06/25 - -

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Reliance 4.125% 01/25 - -

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Deutsche Bank 7.500% Perp 100.345 6.33%

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Amazon.com 1.650% 05/28 - -

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US Treasury 0.000% 02/24 99.937 0.00%

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Royal Caribbean 5.500% 04/28 - -

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REC 2.250% 09/26 - -

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Credit Agricole 4.375% 03/25 - -

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UnitedHealth 5.375% 04/54 - -

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Motorola 4.600% 02/28 - -

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ABN AMRO 6.339% 09/27 102.628 4.78%

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ICTSI 5.875% 09/25 - -

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HSBC 4.000% Perp - -

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Pemex 5.950% 01/31 - -

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Santander 6.350% 03/34 - -

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Temasek 5.125% 07/40 - -

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Abu Dhabi 5.500% 04/54 - -

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Scotiabank 5.250% 12/24 - -

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Delta Air 7.000% 05/25 - -

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TD 1.250% 12/24 - -

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SBI 4.875% 05/28 100.029 4.86%

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KOMIR 5.375% 05/28 - -

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HSBC 6.875% Perp 100.860 6.65%

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Estate Sky 5.450% 07/25 - -

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Israel 7.750% 12/27 - -

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Muthoot 7.125% 02/28 102.685 6.17%

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Charles Schwab 3.250% 05/29 - -

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HSBC 8.000% Perp - -

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Indofood 4.805% 04/52 - -

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Principal Financial Group 3.700% 05/29 - -

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Pemex 10.000% 02/33 - -

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Power Finance 3.350% 05/31 90.350 5.12%

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CVS 5.400% 06/29 - -

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Arabian Centres 9.500% 03/29 100.550 9.33%

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Bombardier 7.875% 04/27 - -

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Qantas 3.150% 09/28 - -

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DP World 5.500% 09/33 101.894 5.22%

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Ascendas REIT 3.000% Perp 99.225 4.00%

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HSBC 6.950% Perp 101.475 6.73%

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Olam 5.375% Perp - -

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HSBC 5.874% 11/35 - -

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KOGAS 3.500% 07/26 - -

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Honeywell 9.065% 06/33 - -

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REC 3.500% 12/24 - -

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Ford 4.346% 12/26 - -

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ARA 5.650% Perp - -

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Axis Bank 4.100% Perp 96.326 6.33%

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Filinvest 4.125% 09/25 - -

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Wells Fargo 4.150% 01/29 - -

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Cardinal Health 3.410% 06/27 - -

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Korea Electric Power 7.000% 02/27 - -

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US Treasury 0.000% 12/24 - -

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Tajikistan 7.125% 09/27 - -

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Hotel Properties 5.100% 05/29 - -

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Home Depot 5.400% 06/64 - -

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PCPD Capital 5.125% 06/26 - -

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US STRIPS 0.000% 02/49 - -

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Finland 6.950% 02/26 - -

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StanChart 7.750% Perp - -

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Colombia 5.625% 02/44 - -

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Dominion Energy 4.250% 06/28 - -

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Tyson Foods 5.400% 03/29 - -

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FWD 7.635% 07/31 109.495 5.87%

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Ghana 5.000% 07/35 - -

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SIA 3.000% 07/26 - -

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Turkey 6.625% 02/45 87.925 7.82%

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Equinor 5.100% 08/40 - -

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US Treasury 4.500% 02/44 - -

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Metinvest 8.500% 04/26 82.250 -

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Rwanda 5.500% 08/31 - -

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DBS 3.300% Perp 99.490 5.51%

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Keppel 4.900% Perp - -

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South Korea 4.125% 06/44 - -

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Lai Sun 5.000% 07/26 - -

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ING Groep 8.000% Perp 106.130 6.63%

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BMO 5.200% 12/24 - -

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Ghana 5.000% 07/29 - -

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JP Morgan 3.200% 06/26 - -

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REC 5.250% 11/23 - -

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Scotiabank 3.625% 10/81 - -

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KNOC 0.875% 10/25 - -

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Egypt 7.625% 11/30 - -

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Shell 3.875% 11/28 - -

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Teva 3.150% 10/26 - -

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Baidu 3.075% 04/25 - -

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Pemex 6.625% 06/35 - -

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KNOC 5.250% 11/26 - -

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POSCO 2.500% 01/25 - -

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HSBC 5.250% Perp - -

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Alphabet 2.250% 08/60 - -

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Walmart 4.300% 04/44 - -

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Pemex 6.875% 08/26 99.250 7.35%

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US Treasury 0.250% 05/25 - -

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ST Engineering 1.500% 04/25 - -

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Reliance 2.875% 01/32 - -

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KHNPC 3.125% 07/27 - -

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Seazen Holdings 4.625% 10/25 - -

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Conocophillips 7.800% 01/27 - -

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Kia 2.375% 02/25 - -

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Philippines 10.625% 03/25 - -

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Exelon 5.150% 03/28 - -

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Qatar 6.400% 01/40 - -

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Syngenta 4.892% 04/25 - -

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GLP 4.600% Perp - -

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Kernel 6.750% 10/27 - -

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SocGen 6.447% 01/27 101.399 5.11%

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SocGen 10.000% Perp 107.544 7.73%

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Centerpoint 5.400% 06/29 - -

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SMC Global Power 7.000% Perp - -

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WRKCo 3.900% 06/28 - -

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Vedanta 9.250% 04/26 - -

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Icahn 9.000% 06/30 - -

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Ghana 0.000% 01/30 - -

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US Treasury 4.875% 10/28 - -

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Buenos Aires 5.250% 09/37 - -

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Sands China 5.125% 08/25 - -

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American Express 3.950% 08/25 - -

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EXIM Malaysia 3.350% 05/25 - -

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HPCL 5.250% 04/27 - -

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Conocophillips 6.500% 02/39 - -

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MetroBank 2.125% 01/26 - -

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BPCE 5.000% 03/34 - -

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Lenovo 6.536% 07/32 - -

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BNP 8.000% Perp 103.445 7.33%

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Morgan Stanley 3.125% 07/26 - -

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Jollibee 4.125% 01/26 - -

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StanChart 5.300% Perp 102.031 4.81%

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SocGen 8.250% Perp - -

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PD Sukuk 8.750% 09/25 99.950 8.78%

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Indika Energy 8.750% 05/29 - -

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Metinvest 7.650% 10/27 - -

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Mapletree Industrial Trust 3.150% Perp 97.960 4.63%

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StanChart 7.875% Perp - -

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BDO Unibank 2.125% 01/26 - -

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Maldives 9.875% 04/26 - -

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Saudi Arabia 5.750% 01/54 - -

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Lockheed Martin 7.200% 05/36 - -

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Abu Dhabi 2.500% 04/25 - -

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BPCL 4.000% 05/25 - -

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Egypt 5.800% 09/27 - -

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Netflix 5.400% 08/54 - -

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US Treasury 4.000% 07/30 - -

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Bangkok Bank 5.000% Perp - -

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Bahamas 7.125% 04/38 - -

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Exim India 5.500% 01/33 - -

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Emirates NBD 1.638% 01/26 96.374 5.04%

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JSW Steel 3.950% 04/27 95.761 5.91%

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Malaysia Sukuk 3.043% 04/25 - -

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Bank East Asia 5.825% Perp - -

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JLR 4.500% 10/27 - -

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Cathay Pacific 4.875% 08/26 - -

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Egypt 7.625% 05/32 - -

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Emirates NBD 6.125% Perp 100.280 5.90%

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Hotel Properties 3.800% 06/25 - -

|

Sobha Sukuk 8.750% 07/28 - -

|

HDFC 3.700% Perp 95.334 6.60%

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Bond Market News

US CCC Rated Bonds Trade at Tightest Spreads Since July 2018 As Yield Hunt Continues

January 25, 2021

High Yield Bonds

New bond issues in the new year have started on a high with US junk bond issuances set for a record January. US junk rated issues have totaled $40bn so far while IG has hit over $110bn. Yields on CCC bonds, considered to be of substantial credit risk with default a real possibility according to Fitch, hit an all-time low of 6.4% as the hunt for yield continues with historically low interest rates globally. With oil moving higher, energy companies such as NGL Partners are expected to tap markets this week. With major US banks raising ~$17bn last week, JPMC analysts led by Eric Bernstein said, “We continue to expect that banks could take advantage of tight spreads, and issue a high portion of their FY funding plans following first quarter earnings”. While yields on CCCs are at all-time lows, Z-spreads are at 2.5 year lows.

In the chart below, we have plotted z-spreads of US bonds across the BB, B and CCC rating over the past year. The reason we have used z-spread and not yield is because z-spreads help draw out the credit, liquidity and optionality risk components in bonds.

Given the all-time low in yields, with the above data, we can infer that much of the impact is due to nominal benchmark yield drop post the monetary stimulus after the pandemic.

For the full story, click here

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