Green Shoots or Mixed Signals?
Tuesday, 19 May 2009 | 
Risk - Research
Lloyds Banking Group raised 6.75 billion US dollars last week in 2 and 3 year money of government guaraunteed liqudity last week. You may have noticed that Microsoft also raised 3.75 billion dollars in its first ever issuance on the debt capital markets last week, too; a sum which it immediately promised it was not going to use to buy SAP!! As Piper Jaffray comment in their Debt Capital Markets Update: "The high-yield primary market continues its strong run, with new-issue volume for the second quarter to date nearly twice that of the first quarter of 2009, at $23 billion versus $13 billion. In May alone, more than $11.8 billion has been priced to date, with a $3 billion backlog."
| Lloyds TSB Bank | Aaa | AAA | Financial Institution | $4,000 | 4/2/12 | + 150 | 2.800% | 2.821% | Govt Liquid Gtd |
| Lloyds TSB Bank | Aaa | AAA | Financial Institution | $2,750 | 4/1/11 | + 150 | 2.300% | 2.340% | Govt Liquid Gtd |
| Microsoft | Aaa | AAA | App Software | $2,000 | 6/1/14 | + 95 | 2.950% | 2.971% | Sr Unsecured |
| Microsoft | Aaa | AAA | App Software | $1,000 | 6/1/19 | + 105 | 4.200% | 4.206% | Sr Unsecured |
| Microsoft | Aaa | AAA | App Software | $750 | 6/1/39 | + 105 | 5.200% | 5.214% | Sr Unsecured |
On the other hand Production of raw steel decreased by 53.1% in April 2009 compared with April 2008 in Germany and German exports in March 2009 were down –15.8% on March 2008 according to the federal statistics institute.
The chart is of the Moody's High Yield Spread for Corporate Issuance, it does look to be normalising.
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