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发表于 2010-6-30 11:50 PM
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6/30 - 7/1 Midnight
[Thirsty for yield and safety]
http://noir.bloomberg.com/apps/n ... qJjW_lczs&pos=5
Sales of securities backed by car and truck loans are rising even as corporate debt issuance declines in a show of faith in consumers by fixed-income investors.
Automakers and their finance subsidiaries sold $30 billion of the debt this year, a 45 percent increase from $20.7 billion in the same period of 2009, Barclays Capital data show. U.S. corporate bond sales fell 30 percent to $500.3 billion from $716.1 billion, according to data compiled by Bloomberg.
Chrysler Group LLC, Ford Motor Co. and Volkswagen AG issued asset-backed debt as vehicle sales climbed 17.2 percent this year through May, according to Autodata Corp. Industry sales are recovering from a 27-year low in 2009 when Chrysler and the predecessor of General Motors Co. went into bankruptcy. Delinquencies on auto loans have declined and Ford’s credit rating was raised in May.
“I am optimistic about the consumer in the near-term,” said Dave Goodson, who helps oversee $15 billion in fixed-income securities at ING Investment Management in Atlanta, including $3 billion of asset-backed debt linked to consumers. “This doesn’t mean they are going to be big spenders, but the normal set of factors that would drive somebody to buy a new car is slowly returning.”
The extra yield investors demand to own top-rated securities backed by auto loans rather than government debt fell to 74 basis points, or 0.74 percentage point, from 173 basis points a year ago, according to Bank of America Merrill Lynch index data. The debt has returned 1.68 percent this year.
[IPO under-perform]
http://noir.bloomberg.com/apps/n ... qsUparOX8&pos=6
HCA Inc., Zipcar Inc. and 89 other companies filed with the Securities and Exchange Commission last quarter to sell $23.6 billion of shares, data compiled by Bloomberg show. The last time more companies announced such plans was in 2007. In the past three months, 50 IPOs globally were shelved, the most in six quarters.
Investors in U.S. IPOs lost 7.2 percent so far this year as the Standard & Poor’s 500 Index fell to an almost nine-month low. Leveraged-buyout firms, which spent $2 trillion on takeovers during the credit-market bubble, announced the biggest stock sales and accounted for at least 50 percent of the deals filed with the SEC in April through June.
“Beggars can’t be choosers to a certain extent,” said Scott Billeadeau, who helps oversee $19 billion at Fifth Third Asset Management in Minneapolis. LBO firms are “going through their portfolios going, ‘What is something I can go monetize to get some equity out?’” he said.
[Still uncertain]
http://noir.bloomberg.com/apps/n ... 66uoHV.wo&pos=8
he U.S. financial-regulatory bill, approved by the House of Representatives yesterday, may still be compromised in the Senate, which postponed its vote until after the week-long July 4 recess.
The delay may give opponents of the legislation time to persuade undecided lawmakers to vote against the measure. Republican Senators Scott Brown of Massachusetts, Chuck Grassley of Iowa, and Olympia Snowe and Susan Collins of Maine voted for a previous version of the bill and are being courted by Democratic leaders to support its final passage.
“While the odds are that a week doesn’t change anything, certainly Snowe, Collins and Brown are going to get lots of visits over that week from their local community bankers and anyone else who has an interest in this,” said Mark Calabria, a former Senate Banking Committee staffer who is now a director of financial-regulation studies at the Cato Institute. |
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