Strike While The Market Is Hot

seekingalpha03-19

Companies are taking advantage of strong investor demand in the investment grade credit market.In just the first two months of 2024, we’ve seen nearly 200 companies issue roughly $380 billion of new ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2420296989?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/178800030/image_178800030.jpg","is_english":true,"pubTime":"2024-03-19 13:45","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2420296989","market":"us","top_or_hot":-1,"title":"Strike While The Market Is Hot","media":"seekingalpha","content":"<div>\n<p>Companies are taking advantage of strong investor demand in the investment grade credit market.In just the first two months of 2024, we’ve seen nearly 200 companies issue roughly $380 billion of new ...</p>\n\n<a href=\"https://seekingalpha.com/article/4679050-strike-while-market-is-hot\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Strike While The Market Is Hot</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStrike While The Market Is Hot\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-19 13:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4679050-strike-while-market-is-hot><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Companies are taking advantage of strong investor demand in the investment grade credit market.In just the first two months of 2024, we’ve seen nearly 200 companies issue roughly $380 billion of new ...</p>\n\n<a href=\"https://seekingalpha.com/article/4679050-strike-while-market-is-hot\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CSCO","symbol_name":"思科","start_time":0,"source_url":"https://seekingalpha.com/article/4679050-strike-while-market-is-hot","article_id":"2420296989","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/178800030/image_178800030.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2420296989","pubTimestamp":1710827100,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Companies are taking advantage of strong investor demand in the investment grade credit market.In just the first two months of 2024, we’ve seen nearly 200 companies issue roughly $380 billion of new b","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CSCO":"思科","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","IMGN":"ImmunoGen","SG9999002232.USD":"Allianz Global High Payout USD","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","BK4585":"ETF&股票定投概念","BK4139":"生物科技","SG9999002224.SGD":"Allianz Global High Payout SGD","BK4566":"资本集团","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","BK4525":"远程办公概念","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU1032466523.USD":"高盛全球多资产收益组合Acc","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","BK4579":"人工智能","BK4020":"通信设备","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4588":"碎股","BK4550":"红杉资本持仓","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","KRTX":"Karuna Therapeutics","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0731783394.SGD":"Fidelity Global Dividend A-MINCOME(G)-SGD","BMY":"施贵宝","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","ABBV":"艾伯维公司","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","BK4515":"5G概念","LU2242652126.USD":"FIDELITY FUNDS GLOBAL DIVIDENDS PLUS \"A\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","BK4560":"网络安全概念","LU0114720955.EUR":"SUSTAINABLE GLOBAL HEALTH CARE \"A\" INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","CERE":"Cerevel Therapeutics Holdings, Inc.","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC"},"translate_title":"趁热打铁","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABBV":1,"KRTX":1,"IMGN":1,"BMY":1,"CERE":1,"CSCO":1},"content_text":"Companies are taking advantage of strong investor demand in the investment grade credit market.In just the first two months of 2024, we’ve seen nearly 200 companies issue roughly $380 billion of new bonds in the U.S. investment grade credit primary market.Monthly issuance totals for both January and February blew away the prior three-year averages of $138 billion and $115 billion, respectively.   Shaiith/iStock via Getty Images By Melanie Hilbush, CFA Companies are taking advantage of strong investor demand in the investment grade credit market. In just the first two months of 2024, we’ve seen nearly 200 companies issue roughly $380 billion of new bonds in the U.S. investment grade credit primary market. Monthly issuance totals for both January and February blew away the prior three-year averages of $138 billion and $115 billion, respectively. Despite spreads entering the year at relatively tight levels, investor demand has been robust, consistent with our view that yield - not spread - is largely driving purchases. (See our recent blog on this theme.) As a result, we’ve seen little to no new issue concessions and no meaningful supply indigestion. In fact, the Bloomberg Barclays U.S. Investment Grade Credit Index option-adjusted spread hit 89 basis points on February 22 - its tightest level since November 2021. After a volatile 2023, the market expected U.S. banks to take advantage of the recent rally and relatively tight spreads. For regional banks specifically, the market was also expecting them to get ahead of issuance related to Basel III Endgame long-term debt requirements. The primary market is typically dominated by financials to start the year and, while issuance was still skewed to that sector, supply underwhelmed the market’s elevated issuance expectations. Despite pricing with little to no concessions, many of these deals still performed well. In industrials, supply has come in higher than expected to start the year. We believe some deals that were scheduled for March or later in the first half of 2024 were pulled forward into January and February. Additionally, we saw several large deals to finance previously announced mergers and acquisitions, including Bristol-Myers Squibb’s (BMY) acquisition of Karuna Therapeutics (KRTX), AbbVie’s (ABBV) purchases of ImmunoGen (IMGN) and Cerevel Therapeutics (CERE), and Cisco’s (CSCO) acquisition of Splunk. As in financials, many industrial deals this year have priced with minimal concessions but have not met with investor pushback. Despite relatively tight spreads, we believe all-in yields remain attractive in investment grade credit and continue to drive investor inflows. Although supply in the long end of the curve increased in February, credit curves remain flat; and at current valuations, we are still finding more value in the intermediate part of the yield curve. Looking forward, while we do not expect the current pace of issuance to be sustained throughout 2024, companies will likely get any issuance needs completed well in advance of the presidential election this fall. Original Post  Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2420296989"}