Thursday , 28 January 2021

MBS MID-DAY: Quiet Morning So Far; Corporate Bonds Still in Control

By Matthew Graham

Posted To: MBS Commentary

Anyone who’s not talking about this week’s rate movements in the context of the big Actavis corporate bond offering is missing the point . It was yesterday’s biggest trading motivation and it continues to guide this morning’s range trade. Yesterday was merely the announcement, price talk, and book running. That means the firms representing Actavis are on the phone taking orders from investors for how much of any given tranche they would want to buy based on the the initial price talk. The price talk is sort of like guidance. It’s the issuer’s way of saying “here’s where we think this will ultimately be priced.” From there, the deal moves on to the official launch, where the bookrunners crunch the numbers on the orders they’ve taken and determine which…(read more)

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