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Merrill Lynch Investment Management will increase its allocation to high-beta credits by 10% in its $8.2 billion primarily investment-grade portfolio if spreads widen an additional 10 basis points, said John Burger, portfolio manager in Plainsboro, N.J.
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Becker Capital Management is adding to holdings of one- to three-year Treasuries, avoiding longer notes as 10-year yields flirt with lows of 4%.
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--Margaret Jones, senior v.p. and fixed-income utilities analyst at ABN AMRO in New York, on how shareholders in TXU Corp. are aligned with creditors in their desire to see the company maintain an investment-grade rating.
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This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary market.
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Shareholder and bondholder interests appear to be aligned in their concern about TXU Corp.'s potential descent to junk, in an unusual occurrence given the recent slew of credit-damaging shareholder initiatives undertaken by corporate America.
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A primary dealer is seeing a pick up in demand for short agencies based on the constant-maturing Treasury.
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Soros Fund Management is spinning off its 12-person credit team as a separate firm.
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Soros Fund Management is spinning off its 12 person credit team as a separate firm, Camulos Capital.
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The increased presence of U.S. buyside shops in Europe is expected to expand deal sizes and goose the secondary market, but the jury is still out on the long-term impact of the new players.
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The delivery squeeze in the June 10-year futures contract is shaping up to be one of the worst squeezes in recent history, according to bond market participants.
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ABN AMRO has lost two senior structured capital markets staffers following the department's merger with the securitization group.
