Posted To: MBS Commentary
Bond markets sold off again today, though it wasn’t necessarily destined to be the case. In other words, it actually took several events working together to push rates up to today’s highs. The first event has to do with Abbvie , among other things. What the heck is that, you might ask? Whatever it is, it’s apparently big enough to borrow as much money as some of the biggest corporate bond issuers, ever (seriously though, it’s a pharmaceutical company who needs money to buy another pharmaceutical company). Abbvie unleashed $16.7 bln of fresh debt supply today, which is the third biggest this year behind AT&T ($17.5 bln) and another big pharma player Actavis ($21 bln). When we add the “smaller” players to the mix (tiny little companies like Apple and Microsoft who…(read more)
Via:: MBS RECAP: ISM Reaction, ADP Preparation, and Abbvie (What’s an Abbvie?)
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