Yields on both high-yield (HYG) debt and spreads between high-yield debt (JNK) and Treasuries (TLT) (IEF) rose over the week ending April 2.
AES (AES) is a diversified power generation and utility company. It’s also involved in coal mining. It issued bonds worth $575 million.
Last week brought the total US dollar issuance of high-yield bonds to $94.6 billion YTD in 2015. This is up ~18% from the same period in 2014.
Last week, Treasury yields were pushed down when economic data was reported. Manufacturing activity slowed down in the US. The ISM’s manufacturing index fell in March.
Google continues to make changes to its strategy in order to maintain its share of the online ad market. It made some enhancements to its ad measurement tools.
In November, Mozilla announced that it would replace Google (GOOG) (GOOGL) with Yahoo (YHOO) as the default search engine on its Firefox browser in the US.
High-grade bond issuance in the primary market slowed in the week to April 3. Yankee bond issuers dominated the primary market for the second straight week.
Yankee bonds continued to dominate issuance the third successive week, with 50.0% of all issues. US corporates accounted for 31.3% of all issues in the week.
Investment-grade corporate bonds took a nosedive to $4.0 billion in the primary markets in the week to April 3, 2015.
Investment-grade issuers are thronging the primary market in 2015, and March was no exception. Favorable interest rates have been the primary driver.
Corporate bond yields fell on March 27 after the release of the report on personal income and consumer spending.
Microsoft’s (MSFT) Bing is ranked third in the global search ad market. Bing’s share increased from 3.7% in 2013 to 4.2% in 2014.
Google maintained growth rates of 17%–18% over the last couple of years. It should be able to manage a healthy growth rate in 2015 as well.
Google’s search advertising business is highly profitable because it commands higher ad rates. Search ads carry higher rates compared to display ads.
Baidu is a popular search engine in China. It has been a dominant player due to its leadership in both the desktop and mobile search business in China.
Currently, Yahoo (YHOO) is ranked fourth in the worldwide search advertising market. Yahoo could actually gain market share in 2015.
In 2015, Bing’s share in the search ad market could be similar to 2014. However, its search ad revenue should grow by 18.5%.
The U.S. Department of the Treasury conducted the weekly auction for four-week Treasury bills, or T-bills, on March 31. The issuance was $40 billion.
The U.S. Department of the Treasury auctioned 13-week T-bills worth $24 billion on March 30. Overall auction demand rose by 3.2% in the week.
The U.S. Department of the Treasury held the weekly 26-week Treasury bills (BIL) (MINT) auction on March 30. T-bills worth $24 billion were on offer.