Il più grosso rimbalzo dei corporate - gz
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By: GZ on Martedì 03 Dicembre 2002 01:47
La notizia degli ultimi giorni, ormai anche sui titoli dei giornalie e dei notiziari, è che i bonds corporate hanno avuto il più grosso rimbalzo dell'anno.
Qui si era parlato di quelli di Fiat in ottobre e in altra sede di quelli di Ford.
Chi li ha comprati ha fatto molto meglio che con il titolo azionario (vedi il grafico a fondo pagina)
In generale dal 10 Ottobre, la spread dei BB con quelli AAA si è ridotta a 1.95% da 2.67%.
Quella dei junk bond a 8.97% da un massimo record di 10.97% in ottobre
I T-Bond hanno perso circa -1% nell'ultimo mese e i junk bond in media guadagnato un 6%
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Corp. Bonds Enjoy Year's Biggest Rally
NEW YORK (Reuters) - U.S. corporate bonds are enjoying their biggest rally of the year: issuance is surging, prices are rising and investors are gaining confidence.
Household names such as Campbell Soup Co. (CPB.N) and Levi Strauss & Co. are selling bonds this week, hoping to tap what investors call a surfeit of cash. Last week at least 43 companies sold $18.9 billion of bonds, the most since March. At least 11 more are selling another $3.4 billion this week.``There's clearly a momentum building,'' said Michael Dineen, who helps invest more than $5.5 billion in bonds for MONY Capital Management in New York. ``Naturally, people are going to want to catch up and get more yield.''
Investors fed up with low-yielding U.S. government bonds are seeking higher yields on riskier bonds. These investors hope the U.S. economy and corporate earnings will grow, following the Federal Reserve's No. 6 interest rate cut, and that giant credit blowups such as at WorldCom Inc. (WCOEQ.PK) are largely past. They have shrunk the yield gap, or ``spread,'' on corporate debt over U.S. Treasuries to their lowest levels since mid-July, a sign they see less risk. Such optimism has helped propel the Standard & Poor's 500 stock index (.SPX) to a 20 percent gain since early October.
Several analysts also said the takeover of consumer finance company Household International Inc. (HI.N), a big issuer, by Britain's HSBC Holdings Plc (HSBA.L) helped corporate bonds. Campbell, based in Camden, New Jersey, sold $400 million of 10-year notes yielding 5.023 percent, just 0.88 percentage points more than 10-year Treasuries. It boosted its sale by $100 million after receiving nearly $1 billion in bids, people familiar with the sale said.
``Market conditions are right and rates are low, which make it an attractive time to finance,'' said spokeswoman Michelle Davidson.
HIGH-YIELD, HIGH GAINS
Last week, investment-grade issuers such as International Business Machines Corp. (IBM.N) dominated bond sales, selling at least $16.6 billion of bonds. This week, several ``junk'' rated companies are also selling bonds, led by $925 million from R.H. Donnelley Corp. (RHD.N). The creator of what is widely considered the first U.S. phone book boosted its sale from $750 million, after receiving what investors called strong demand, to help it buy Sprint Corp.'s (FON.N) phone book business for about $2.23 billion. Professionals measure corporate bond movements in two ways: how much the bonds gain or lose, and by their spread. Merrill Lynch & Co. said that since Oct. 10, the spread on investment-grade bonds has shrunk to 1.95 percentage points from 2.67 percentage points, and on junk bonds to 8.97 percentage points from a record 10.97 percentage points.
That narrowing has translated to big price gains. In November, investment-grade bonds are up 1.38 percent and junk bonds up 5.76 percent, Merrill Lynch said. Annualized, that translates to 23 percent and, for junk, a dot-com-bubble-like 134 percent. Treasuries are down 0.83 percent this month.
``On a geopolitical and economic basis, investors are starting to feel more comfortable,'' said Kingman Penniman, president of KDP Investment Advisors Inc. in Montpelier, Vermont, a high-yield research firm. ``This rally came off of one of the biggest bear markets we've had, from July to October,'' said Ron Bringewatt, who helps invest $1.5 billion for TimesSquare Capital Management Inc. in New York."
Modificato da - gz on 12/3/2002 0:56:37