Preferreds

A new mREIT issue, OTC: NYMMP

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Preferreds

A new issue from Teekay, OTC:TKOPF

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Munis

In the news …

Muni insurer Assured Guaranty Corp. has acquired Radian Asset Assurance Inc.

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Muni Yield Curve

Municipal Yield Curve Data
Provided by Thomson Reuters LLC
“AAA” General Obligations

 

 

Maturity 1 Year 5 Year 10 Year 30 Year
Yield 0.19% 1.22% 1.92% 2.80%

 

Data as of April, 7, 2015
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Corporate Notes

An example of a new issue in the news …

National Rural Utilities Cooperative Finance Corp InterNotes

Cusip Maturity Coupon Payment Callable Yield* Ratings** Trade Date Pricing Supplement
63743FWC6 04/15/27 3.000% Monthly NC 3.019% A2/A/NA 04/13/15
63743FWD4 04/15/32 3.500% Monthly NC 3.526% A2/A/NA 04/13/15
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Preferreds

In the news …

A new issue from Banc of Cal

BANC-D trading OTC as BLBLP

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Oil

Oil remains front and center in the news …

Oil may have closed higher Tuesday, but it doesn’t seem like oil is anywhere near a bottom, Stephen Schork, founder and editor of The Schork Report, told CNBC.

He pointed to action in the future’s market as a telling sign, specifically a big increase in bets that oil will go under $40 by Jan. 21.

“If there is an active market being traded in sub-$40 crude oil today, I don’t want to venture that we are anywhere near the bottom at this point,” Schork said in an interview with “Closing Bell.”

“When we get to zero, that’s when I’ll be pretty confident that the bottom has been put into oil prices at this point.”

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Oil

In the  news …

Stephen Schork, founder and editor of The Schork Report newsletter, said he had thought last month that the $70 to $75 a barrel price range for oil in the U.S. would hold. “It did not,” he added in a “Squawk Box” interview. “As soon as it broke, I had to position myself for lower prices. And I’m still positioning for lower prices.”

“How low can we go? We are beyond the point of economics … completely disconnected from that because as we’ve seen with the ruble and as we’ve seen with the demand issues elsewhere, there’s no telling,” Schork said, putting the next target for WTI crude at $52 and the one below that at $42. “Will we get there? Absolutely.”

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Oil

In the news …

Besides the $9 billion in spending cuts already announced, energy consultancy Wood Mackenzie forecasts that to maintain their debt levels, oil companies will need to reduce spending next year by another $170 billion, or 37 percent, from 2014 if Brent remains around its current level.

At $60 a barrel, only three of the top 40 international oil companies generate sufficient free cash flow to cover spending, including distribution to shareholders, Wood Mackenzie said.

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Oil

In the news from Reuters …

Earlier in the day, Iraqi Kurdistan government officials said Iraqi crude oil exports to the Turkish port of Ceyhan could reach 800,000 bpd next year, higher than previously announced. Oil shipments from Angola, Africa’s second-largest exporter, are also set to increase in February to 1.86 million barrels per day, the highest since 2012.

Russian Energy Minister Alexander Novak has said Moscow will not cut output in 2015, even if pressure on its finances rises with the economy showing signs of severe stress as the ruble collapses.

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