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World markets  |  December 06, 2012 11:45:25

Government versus corporate debt

Policy of zero interest rates in the United States can help "blue chip" companies. Because government bonds bear almost no interest, demand has shifted towards bonds blue chip companies. And to an extent only in a few cases, there was a comparison of their revenues with revenues U.S. T-Bills.

During November, we have seen that the bond blue chip companies traded with less yield - about 1 basis point - than comparable Treasury bills. It was a bond companies, such as ExxonMobil and Johnson & Johnson. Both are from Standard & Poor's rating of AAA.

Interesting development we have seen when looking at the cost of insurance against failure, ie the value of CDS. Eight companies from the DJIA index are rated as safer than the debt of the United States. The value of CDS for five-year U.S. bonds is around 37 points. The lowest five-year CDS on bonds, Merck - 15.5, less than half. Under the CDS of the United States have reached CDS companies Exxon Mobil, Chevron, McDonalds, Disney, 3M, Johnson & Johnson and WalMart.

It is quite possible that the number of firms with CDS CDS under the bonds of the United States will / revenue-share-and-bond "data-mce-href =" "> Markets bonds do not tell us anything nice.

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