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“Just the Facts” Doug Noland

Jan 11, 2011
Just the facts
Commentary and weekly watch by Doug Noland

January 7 – Bloomberg (Tim Catts and Sapna Maheshwari): “Company bond sales in the U.S. reached a record this week and relative yields on investment- grade debt shrank to the narrowest since May … Issuance soared to $48.5 billion, eclipsing the $46.9 billion raised in the week ended May 8, 2009 … Appetite for corporate debt is growing after annual sales topped $1 trillion for the second consecutive year … ”

Investment grade issuers included GE Capital $6.0bn, Schlumberger $1.6bn, Toyota Motor Credit $1.6bn, Berkshire Hathaway $1.5bn, Met Life Global $1.5bn, Enterprise Products $1.5bn, Buckeye Partners $650 million, Plains All America Pipeline $600 million, Allegheny Technologies $500 million, Dr. Pepper Snapple $500 million, Healthcare Services $500 million, Tyco $500 million, Metlife $500 million, ERAC Finance $500 million, Amerigas $470 million, and Centerpoint Energy Resources $300 million.

Junk bond funds saw inflows of $743 million (from Lipper). A light week of junk issuance included CCO Holdings $1.1bn and Regal Entertainment $425 million.

Convertible debt issuers included WebMD Health Group $400 million.

International dollar debt issuers included Rabobank $2.75bn, Barclays Bank $2.0bn, Royal Bank of Scotland $2.0bn, Bank Nederlandse Gemeenten $2.0bn, Network Rail Infrastructure $1.5bn, Banco Bradesco $1.6bn, Bank Nova Scotia $1.25bn, Japan Municipal $1.0bn, Turkey $1.0bn, Australia New Zealand Bank $3.0bn, Macquarie Group $750 million, Sumitomo Mitsui Banking $1.5bn, BNP Paribas $1.0bn, Cemex $1.0bn, Bancolombia $520 million, Orix $400 million, and China South City $250 million

This Week Will Tell If The Bear is Really Coming Out of Hibernation

Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes. I have added 8 new stocks to the swing trade chart pick list, including 2 shorts.

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