New Issue Corporate Bond Offerings

COMPANY AMT MAT/DEBT RATING


BB&T $450 mln perpetual Baa2/BBB/BBB-

Citigroup $1.35 bln 5-yr Baa2/A-/A


Cox Commun. $1.0 bln 10-yr Baa2/BBB/BBB+
Cox Commun. $500 mln 30-yr Baa2/BBB/BBB+


Diageo Capital $650 mln 5-yr A3/A-
Diageo Capital $1.35 bln 10-yr A3/A-
Diageo Capital $500 mln 30-yr A3/A-


Microsoft $450 mln 5-yr Aaa/AAA
Microsoft $1.0 bln 10-yr Aaa/AAA
Microsoft $500 mln 30-yr Aaa/AAA


SunTrust Bank $500 mln 10-yr A3/BBB+BBB+


W.R. Berkley $350 mln 40-yr Baa3/BBB-/BBB-

Nike Scores with a 10-Year Bond Offering

Last week, Nike (which is single-A rated) easily sold nearly a billion dollars of bonds with 10-year terms yielding just 2.27%. It was the lowest yield for any 10-year unsecured corporate bond issued this year. Nike's issue hit the market 0.58 percentage point above that day's 10-year Treasury yield, which ended last week at 1.669%. 

Fixed Income ETFs

Sector	Yield	YTD Return	Ticker
High Yield	6.19%	3.13%	HYG
7-10YR Tsy	1.60%	1.28%	IEF
20+YR Tsy	2.51%	1.28%	TLT
Municipals	2.69%	1.18%	MUB
Aggregate	2.81%	0.73%	AGG
CMBS	2.15%	0.51%	MBB
1-3YR Corp	1.26%	0.27%	CSJ
Floating Rate Note	0.51%	0.24%	FLOT
1-3YR Tsy	0.26%	0.13%	SHY
3-7YR Tsy	0.64%	(0.02%)	SHV

A Corporate Bond Secondary Sampler

A recent screen of secondary offerings included the following corporate notes:

Ba3/BBB- Financial

ICAHN ENTERPRISES LP/CORP Cont Callable, Next Call 02-20-2013 @ 103.875  CUSIP: 451102AD9

Baa2/A- Financial

BANK OF AMERICA CORP Callable, Next Call 05-06-2013 @ 100.000 CUSIP: 06048WBU3

Ba1/BBB- Financial

SLM CORP EDNOTES BOOK ENTRY Cont Callable, Next Call 02-25-2013 @ 100.000 CUSIP: 78490FMX4

A2/A- Industrial

DELL INC Non Callable, Make Whole Calls CUSIP: 24702RAJ0