US DOLLARS

摘要

US issuers managed to price more than US$31.55bn of bonds in the past week, but not without casualties and widening new-issue concessions by the time Friday rolled around. On Monday, eight issuers tapped the market for US$8.4bn at an average new-issue concession of almost 5bp. By the end of the week, jp morgan had been forced to cut the size of its deal after launch and bank of america was paying 15bp-20bp of new-issue concession on a US$2.5bn 4.00% 10-year subordinated note, priced at 225bp over Treasuries. To blame were negative headlines out of Europe and a rush into Treasuries, sending the 10-year Treasury yield down to 1.74% by Thursday's close, 23bp tighter on the week and more than 40bp tighter so far this year. By Friday, it was back up to 1.80%. "Between what's happening with the Swiss franc this week, the volatility in equities and JPM's rough trade, everything is weaker, and especially in the bank sector," said one syndicate head on Friday.