Limiting the sample to maturities at issuance of seven years or longer, to capture standard high-yield structures, there have been 11 such issues thus far in 2013, versus 20 offerings in all of 2012 (excluding split-rated deals).
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In those days U.S. Treasury bills and bonds were not acceptable as collateral for note issuance at the reserve banks.
And then lastly, we need to see a comprehensive plan to address sovereign debt issuance at feasible rates on a go-forward basis.
Investors in Asia balked at the heavy issuance of corporate debt this week, sending bonds issued by life insurer AIA Group down on their first day of trading.
This increase notwithstanding, second-lien remains a small fraction of institutional loan issuance, at 5.6% in the year to date.
If leveraged loan and high yield bond issuance continues at the current pace the leveraged finance market would see its first trillion dollar year.
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At that time, the issuance of a form 1099-C might be proper.
Talk of a joint euro bond issuance mechanism aimed at strengthening the fiscal discipline of its members seemed to excite investors Friday, despite German opposition to such a move.
"Most senior bankers say issuance will be at a standstill for the next few weeks and then will pick up only slightly, " said Thomson Reuters' Loan Pricing Corp. in a third quarter-end report.
Keep in mind that a debt reserve fund is usually created at the time of bond issuance, hence, interest payments out of reserves is nothing more than giving the bondholder back his own money.
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At least 10% of the bond issuance will likely be reserved for small investors, the official said.
Investors are watching for indications that the meeting discussed unified bond issuance for the euro zone at some point in the future, which is another item that Germany has thus far rejected, saying it is too early to create such bonds.
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He even scooped up 7 million Microsoft shares last summer after senior executives at the software giant told him that options issuance in the future will be lower than in the past.
"The new guidelines are aimed at further tightening the oversight of the bond-issuance market and specifically cracking down on speculation and arbitrage between some investors and underwriters, " said Yang Weixue, a senior fixed-income analyst at Lianxun Securities.
This comes on the heels of JP Morgan's issuance of an 8% preferred now selling at a discount.
At the same time the reports say that high yield bond issuance in dollar terms has never been higher, and yields on junk bonds have never been lower.
Taking into account the significant progress achieved by our negotiators, we are working on a new agreement to issue, as a general rule without unduly formalized invitations and justifications, multiple-entry visas for eligible business travelers and tourists of 36 month validity at a unified and reciprocal fee, as well as the issuance of 12-month, multiple-entry visas for official representatives of our countries.
As a result of exploding credit card issuance, products could be bought (with funds borrowed at usurious rates) that would become worthless long before they were ever paid off.
"The market has been very concerned about increased issuance, " said Kim Rupert, a fixed income analyst at Action Economics.
At this juncture, the signed LOA on file was limited to authorizing the issuance of a check, which was contemplated to be delivered by overnight delivery.
"No one can question the deterioration in the sovereign balance sheet or banking system, but it seems counterintuitive to cite possible financing gaps when a large, " bond issuance was about to close, said Richard Segal, emerging market strategist at Jefferies International.
As for breaking the calendar-year record, that appeared an eventuality given the frenetic pace of issuance over the past three months, but recall that high-yield supply at midyear was actually 4% lower than the comparable period a year ago.
An official at the association told The Wall Street Journal that it held a meeting on reforming the bond-issuance mechanism, but declined to elaborate.
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