Record Payment Period Amt. DateDate INCREASED New Dillards Inc . . . . . . . . . . . . . . . . . . . . . . . Q .10 9-29 10-30 SS&C Tech Hldgs . . . . . . . . . . . . . Q .07 9-1 9-15 United Bancorp OH . . . . . . . . . Q .12 9-8 9-20 REGULAR Abercrombie & Fitch . . . . . . Q .20 9-1 9-11 Avista Corp . . . . . . . . . . . . . . . . . . . . . Q .3575 8-31 9-15 Cathay Gen Bncp . . . . . . . . . . . . Q .21 9-1 9-11 Chemung Finl Corp . . . . . . . . . Q .26 9-18 10-2 EMC Insurance . . . . . . . . . . . . . . . . Q .21 8-29 9-5 Estee Lauder Cos . . . . . . . . . . . . Q .34 8-31 9-15 Fauquier Bkshs Inc . . . . . . . . . Q .12 9-15 10-2 Felcor Lodging Tr . . . . . . . . . . . . Q .04 8-28 8-30 First Svgs Finl Grp . . . . . . . . . . Q .14 9-1 9-29 Flowers Foods Inc . . . . . . . . . . Q .17 9-1 9-15 Home Depot Inc . . . . . . . . . . . . . . Q .89 8-31 9-14 Humana Inc . . . . . . . . . . . . . . . . . . . . . Q .40 9-29 10-27 Invacare Corp . . . . . . . . . . . . . . . . . . Q .0125 10-5 10-16 Kinsale Capital Gr . . . . . . . . . . . . Q .06 8-31 9-15 MDU Resources Grp . . . . . . . . . Q .1925 9-14 10-1 Medical Prop Tr . . . . . . . . . . . . . . . Q .24 9-14 10-12 Mutualfirst Finl . . . . . . . . . . . . . . . Q .16 9-8 9-22 Parker Hannifin . . . . . . . . . . . . . . Q .66 8-28 9-8 Peoples Bancorp NC . . . . . . . . Q .12 9-5 9-15 Premier Finl Bncp . . . . . . . . . . . . Q .15 9-15 9-29 Tennant Co 4 . . . . . . . . . . . . . . . . . . . Q .21 8-31 9-15 Werner Enterprises . . . . . . . . Q .07 10-2 10-17 G - payable in Canadian funds; Q - Quarterly; A - Annually; S - Semiannually; M - Monthly; U - Pay undetermined; I - Initial; Y - Year-end. Dividends Stocks Ex-Dividend for 8/22/17 Company Amount Aegean Marine Petroleum . . . . . 0.020 Alpine Glbl Premier Ppty . . . . . . . . 0.050 Alpine Global Dyn Div Fd . . . . . . . . 0.065 Alpine Total Dyn Div Fd . . . . . . . . . 0.058 Applied Materials Inc . . . . . . . . . . . . 0.100 Barnes Group Inc . . . . . . . . . . . . . . . . . . . 0.140 Boulder Growth & Incm Fd . . . . . 0.102 C A Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.255 Crawford & Co Cl A . . . . . . . . . . . . . . . . 0.070 Crawford & Co Cl B . . . . . . . . . . . . . . . . 0.050 D H T Holdings Inc . . . . . . . . . . . . . . . . . . . 0.020 Discover Financial Svcs . . . . . . . . 0.350 Eaton V Risk Mgd Div Eq . . . . . . . 0.152 Eaton V Tx-Ad Glb Div Op . . . . . . . 0.180 Eaton V Tx-Mgd By-Wt Inc . . . . . 0.216 Eaton V Tx-Mgd By-Wt Opp . . . 0.222 Eaton V Tx-Mgd Div Eq . . . . . . . . . . 0.084 Eaton V Tx-Mgd Gl Div Eq . . . . . . . 0.076 Eaton Vance Ca Mun Bd Ii . . . . . . 0.088 Eaton Vance Ca Mun Bond . . . . . 0.097 Eaton Vance En Eq Inc Ii . . . . . . . . 0.175 Eaton Vance Enhan Eq Inc . . . . . . 0.173 Eaton Vance Fl Rt Inc Pl . . . . . . . . . 0.240 Eaton Vance Float Rt Inc . . . . . . . 0.208 Eaton Vance Ma Mun Bond . . . 0.087 Eaton Vance Mi Mun Bond . . . . 0.095 Eaton Vance Mun Bond Fd . . . . . 0.104 Eaton Vance Mun Bond Ii . . . . . . . 0.096 Eaton Vance Muni Inc2028 . . . . 0.071 Eaton Vance Natl Mun Opp . . . . 0.172 Eaton Vance Nj Mun Bond . . . . . 0.098 Eaton Vance Ny Mun Bd Ii . . . . . 0.088 Eaton Vance Ny Mun Bond . . . . 0.103 Eaton Vance Oh Mun Bond . . . . 0.094 Eaton Vance Pa Mun Bond . . . . 0.097 Eaton Vance Sh Dur Divrs . . . . . . 0.077 Eaton Vance Sr Fltg Rate . . . . . . . 0.071 Eaton Vance Tax-Adv Div . . . . . . 0.290 Eaton Vance Tax-Mngd Glb . . . 0.182 Eaton Vnc Tx-Adv Glb Div . . . . . . 0.103 Expedia Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.300 First Tr Spclt Fn/Fn Opp . . . . . . . . . . 0.175 Flaherty Crm Pfd Inc Opp . . . . . . . 0.215 Flaherty&Crumrine Dyn Pf . . . . . 0.475 Flaherty&Crumrine Pf Inc . . . . . 0.258 Flaherty&Crumrine Pf Sec . . . . 0.375 Flaherty&Crumrine Tot Rt . . . . . . 0.392 Gerdau S A Adr . . . . . . . . . . . . . . . . . . . . . . . . 0.005 Griffon Corporation . . . . . . . . . . . . . . . . 0.060 Littelfuse Inc . . . . . . . . . . . . . . . . . . . . . . . . . 0.370 Macquarie Fst Tr Glb Inf . . . . . . . . 0.300 Marriott International . . . . . . . . . . . 0.330 Navigators Group Inc . . . . . . . . . . . . . 0.060 Nielsen Holdings Plc . . . . . . . . . . . . . . 0.340 Nvidia Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.140 P V H Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.038 Pldt Inc Adr . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.675 Putnam Hi Inc Securities . . . . . . . 0.090 Resources Connection Inc . . . . 0.120 Southwest Airlines Co . . . . . . . . . . . 0.125 Tortoise Energy Indep Fd . . . . . . . 0.438 Tortoise Energy Infrastr . . . . . . . . 0.655 Tortoise M L P Fund Inc . . . . . . . . . 0.423 Tortoise Pipe & Enrg Fd . . . . . . . . . 0.408 Tortoise Pwr & Enrgy Fd . . . . . . . . . 0.375 United Community Bancorp . . 0.100
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Copyright 2017 Investor's Business Daily Inc.
Key Financial And Commodity Futures
BY BLOOMBERG NEWS
August doldrums they ain’t.Beaches are far from the minds of
manycompany treasurers this sum-mer as they focus instead on crowd-ing into bond markets, as rising Fedrates and explosive White Housepolitics inject refinancing planswith a sense of urgency.
With those risks looming in thebackground, Amazon.comAMZN andBritish American TobaccoBTI aredriving the second-busiest Augustfor corporate bond issuance in a de-cade, and it’s only a little more thanhalfway through.
High-grade dollar issuance is onpace to eclipse last year’s record, at$984 billion as of Aug. 15, accord-ing to Bloomberg Intelligence, sup-ported by M&A loans being refi-nanced in the bond market.
Amazon’s blockbuster issue willreplace $13.7 billion of short-termbank debt to buy Whole FoodsMarketWFM.
For treasurers eyeing yields al-ready climbing from multiyearlows as tensions between the U.S.and North Korea escalated thismonth, there may have been notime like the present. Bank advi-sors on the hook for billions of dol-lars of bridge loans may have beenequally keen to lock up refinanc-ings before demand dried up.
Amazon and BAT, seeking a total$37.5 billion for acquisition financ-ing, drew orders for $83 billion andsaw carry-on demand in the after-market with their bonds trading attighter spreads as risk appetite en-dured for blue-chip borrowers.
A reality check for lofty valua-tions is already happening: Spreads
in the Bloomberg Barclays Corpo-rate IG index climbed from a three-year low at the end of last monthand ended Thursday at 110 basispoints.
Whether a supply glut, as inves-tors sold old inventory to clear wayfor the new notes, or the latest spatover nuclear weapons betweenPresident Trump and his counter-part in North Korea was the cul-prit, it’s a sign rock-bottom borrow-ing costs may be ending.
Investors also looked to limit ex-posure to still-volatile commoditymarkets, with new issues fromKinder MorganKMI, OklahomaGas & Electric and Noble EnergyNBL priced at initial marketingspreads rather than more-typicaldownward revisions.
Europeans refrained from thesales spree, with BAT the only high-grade nonfinancial company to takeadvantage ofborrowing costsnear arecord low. The tobacco firm’s euroand pound deals for about $4.2 bil-lion helped keep issuance near theaverage 5.45 billion euros ($6.4 bil-lion) sold every August between2007 and 2016, according to datacompiled by Bloomberg.
In Asia, bond bankers were keptbusy with record August volumesamid a resurgence for transactionsout of China. Jason Wang, Chinahead of debt capital markets at UBSGroup AG in Hong Kong, cited thenation’s nonchalance when itcomes to taking time off.
“Chinesecompanies arecompara-tively less sensitive to summer holi-days than their peers in terms of is-suing window and their targetinginvestors are probably on the samepage,” he said.
S&P COMP. INDEX Sep 17 PRICE MO %F=25.7 %S=38.9 CLOSE 2424.50OPEN INTEREST 63441CME
MINI DOW JONES Sep 17 PRICE MO %F=35 %S=55.6 CLOSE 216.69OPEN INTEREST 152465CBOT
10 YEAR TREASURY Sep 17 PRICE MO %F=79.9 %S=86.6 CLOSE 126-24OPEN INTEREST 3287159CBOT
BRITISH POUND Sep 17 PRICE MO %F=10.5 %S=15.1 CLOSE 1.2888OPEN INTEREST 210186IMM
JAPANESE YEN Sep 17 PRICE MO %F=63.6 %S=66.6 CLOSE 0.9165OPEN INTEREST 209194 in 100thIMM
EURO Sep 17 PRICE MO %F=40.2 %S=47.6 CLOSE 1.1776OPEN INTEREST 450026CME
MINI NASDAQ 100 Sep 17 PRICE MO %F=50.4 %S=55.9 CLOSE 5800.00OPEN INTEREST 294534CME
US TREASURY BONDS Sep 17 PRICE MO %F=85.3 %S=83.6 CLOSE 155-27OPEN INTEREST 735994CBOT
US DOLLAR INDEX Sep 17 PRICE MO %F=60 %S=55.2 CLOSE 93.35OPEN INTEREST 48570ICE
MEXICAN PESO Sep 17 PRICE MO %F=71.6 %S=59.2 CLOSE 0.5619OPEN INTEREST 239007 in 10thIMM
SWISS FRANC Sep 17 PRICE MO %F=53.4 %S=40.8 CLOSE 1.0385OPEN INTEREST 37208IMM
EURODOLLARS Dec 17 PRICE MO %F=57.6 %S=54.9 CLOSE 98.56OPEN INTEREST 2026563IMM
COCOA Dec 17 PRICE MO %F=14.7 %S=20.2 CLOSE 1878.0OPEN INTEREST 133139ICE
GAS BLEND Oct 17 PRICE MO %F=48.1 %S=47.9 CLOSE 1.5331OPEN INTEREST 123937NYM
WHEAT Dec 17 PRICE MO %F=7.4 %S=8.4 CLOSE 4.42½OPEN INTEREST 226543CBOT
SOYBEAN OIL Dec 17 PRICE MO %F=27.7 %S=23.9 CLOSE 33.97OPEN INTEREST 194935CBOT
LUMBER Sep 17 PRICE MO %F=30.3 %S=30.2 CLOSE 366.30OPEN INTEREST 2480CME
CANADIAN DOLLAR Sep 17 PRICE MO %F=35.6 %S=25.5 CLOSE 0.7954OPEN INTEREST 179493IMM
ORANGE JUICE Nov 17 PRICE MO %F=69 %S=64.3 CLOSE 136.40OPEN INTEREST 5467ICE
COTTON 2 Dec 17 PRICE MO %F=14.2 %S=24.9 CLOSE 67.28OPEN INTEREST 145604ICE
SOYBEAN MEAL Dec 17 PRICE MO %F=8.8 %S=8.1 CLOSE 300.50OPEN INTEREST 182150CBOT
PLATINUM Oct 17 PRICE MO %F=74.3 %S=77.4 CLOSE 982.40OPEN INTEREST 62721NYM
NIKKEI 225 AVGS. Sep 17 PRICE MO %F=36 %S=37.8 CLOSE 19485OPEN INTEREST 34308CME
5 YEAR TREASURY Sep 17 PRICE MO %F=83 %S=88.5 CLOSE 118-17OPEN INTEREST 3027361CBOT
Busy Bond Market DefiesUsual August Slowdown
Record Payment Period Amt. DateDate
INCREASED NewDillards Inc ....................... Q .10 9-29 10-30SS&C Tech Hldgs ............. Q .07 9-1 9-15United Bancorp OH ......... Q .12 9-8 9-20REGULARAbercrombie & Fitch ...... Q .20 9-1 9-11Avista Corp ..................... Q .3575 8-31 9-15Cathay Gen Bncp ............ Q .21 9-1 9-11Chemung Finl Corp ......... Q .26 9-18 10-2EMC Insurance ................ Q .21 8-29 9-5Estee Lauder Cos ............ Q .34 8-31 9-15Fauquier Bkshs Inc ......... Q .12 9-15 10-2Felcor Lodging Tr ............ Q .04 8-28 8-30First Svgs Finl Grp .......... Q .14 9-1 9-29
Flowers Foods Inc .......... Q .17 9-1 9-15Home Depot Inc .............. Q .89 8-31 9-14Humana Inc ..................... Q .40 9-29 10-27Invacare Corp .................. Q .0125 10-5 10-16Kinsale Capital Gr ............ Q .06 8-31 9-15MDU Resources Grp ......... Q .1925 9-14 10-1Medical Prop Tr ............... Q .24 9-14 10-12Mutualfirst Finl ............... Q .16 9-8 9-22Parker Hannifin .............. Q .66 8-28 9-8Peoples Bancorp NC ........ Q .12 9-5 9-15Premier Finl Bncp ............ Q .15 9-15 9-29Tennant Co 4 ................... Q .21 8-31 9-15Werner Enterprises ........ Q .07 10-2 10-17
G - payable in Canadian funds; Q - Quarterly;A - Annually; S - Semiannually; M - Monthly;U - Pay undetermined; I - Initial; Y - Year-end.
Dividends
Stocks Ex-Dividend for 8/22/17Company AmountAegean Marine Petroleum ..... 0.020Alpine Glbl Premier Ppty ........ 0.050Alpine Global Dyn Div Fd ........ 0.065Alpine Total Dyn Div Fd ......... 0.058Applied Materials Inc ............ 0.100Barnes Group Inc ................... 0.140Boulder Growth & Incm Fd ..... 0.102C A Inc .................................... 0.255Crawford & Co Cl A ................ 0.070Crawford & Co Cl B ................ 0.050D H T Holdings Inc ................... 0.020Discover Financial Svcs ........ 0.350Eaton V Risk Mgd Div Eq ....... 0.152Eaton V Tx-Ad Glb Div Op ....... 0.180Eaton V Tx-Mgd By-Wt Inc ..... 0.216Eaton V Tx-Mgd By-Wt Opp ... 0.222Eaton V Tx-Mgd Div Eq .......... 0.084Eaton V Tx-Mgd Gl Div Eq ....... 0.076Eaton Vance Ca Mun Bd Ii ...... 0.088Eaton Vance Ca Mun Bond ..... 0.097
Eaton Vance En Eq Inc Ii ........ 0.175Eaton Vance Enhan Eq Inc ...... 0.173Eaton Vance Fl Rt Inc Pl ......... 0.240Eaton Vance Float Rt Inc ....... 0.208Eaton Vance Ma Mun Bond ... 0.087Eaton Vance Mi Mun Bond .... 0.095Eaton Vance Mun Bond Fd ..... 0.104Eaton Vance Mun Bond Ii ....... 0.096Eaton Vance Muni Inc2028 .... 0.071Eaton Vance Natl Mun Opp .... 0.172Eaton Vance Nj Mun Bond ..... 0.098Eaton Vance Ny Mun Bd Ii ..... 0.088Eaton Vance Ny Mun Bond .... 0.103Eaton Vance Oh Mun Bond .... 0.094Eaton Vance Pa Mun Bond .... 0.097Eaton Vance Sh Dur Divrs ...... 0.077Eaton Vance Sr Fltg Rate ....... 0.071Eaton Vance Tax-Adv Div ...... 0.290Eaton Vance Tax-Mngd Glb ... 0.182Eaton Vnc Tx-Adv Glb Div ...... 0.103Expedia Inc ............................ 0.300First Tr Spclt Fn/Fn Opp .......... 0.175Flaherty Crm Pfd Inc Opp ....... 0.215
Flaherty&Crumrine Dyn Pf ..... 0.475Flaherty&Crumrine Pf Inc ..... 0.258Flaherty&Crumrine Pf Sec .... 0.375Flaherty&Crumrine Tot Rt ...... 0.392Gerdau S A Adr ........................ 0.005Griffon Corporation ................ 0.060Littelfuse Inc ......................... 0.370Macquarie Fst Tr Glb Inf ........ 0.300Marriott International ........... 0.330Navigators Group Inc ............. 0.060Nielsen Holdings Plc .............. 0.340Nvidia Corp ............................ 0.140P V H Corp .............................. 0.038Pldt Inc Adr ............................ 0.675Putnam Hi Inc Securities ....... 0.090Resources Connection Inc .... 0.120Southwest Airlines Co ........... 0.125Tortoise Energy Indep Fd ....... 0.438Tortoise Energy Infrastr ........ 0.655Tortoise M L P Fund Inc ......... 0.423Tortoise Pipe & Enrg Fd ......... 0.408Tortoise Pwr & Enrgy Fd ......... 0.375United Community Bancorp .. 0.100
Money RatesPrime Rate: .................................. 4.00
Base interest rate charged by major U.S.commercial banks on loans to corpora-tions.
Discount Rate:Primary ................................................... 1.75
Secondary ............................................. 2.00
Rate charged by Federal Reserve Systemon loans to depository institutions
Broker Call Loan Rate: ................ 2.50Rate charged on short-term loans tobrokerage dealers backed by securities.
Federal Funds Effective Rate: ....... 1.16Rates on overnight loans amongfinancial institutions.
Certificates of Deposit:1 month .............................................. 0.163 months ........................................... 0.286 months ........................................... 0.43
1 year ................................................. 0.76Interest rate paid by dealers for certifi-cates of deposit based on the duration ofthe security.
Jumbo CDs:1 month ............................................. 0.163 months ........................................... 0.316 months ........................................... 0.471 year ................................................. 0.76
London Interbank Offered Rate:3 months ............................................ 1.326 months ............................................ 1.46
1 year ................................................. 1.73The average of rates paid on dollardeposits.
Treasury Bill Auction Results:3-months (as of Aug 14) ............... 1.0156-months (as of Aug 14) ............... 1.115
Average discount rate for Treasury billsin minimum units on $10,000.
Treasury Bill:1-year, (as of Aug 10) ...................... 1.22
Annualized rate on weekly average basis,yield adjusted for constant maturity.
INVESTOR'S BUSINESS DAILY FUTURES & BONDS WEEK OF AUGUST 21, 2017 B19
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