Stock Opinions by Ed Devlin - Stockchase Experts
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Ed Devlin

On Stockchase since : Feb 2009

Executive Vice President at PIMCO

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Stock Opinions by Ed Devlin - Stockchase Experts

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General Market Comment 

February 10, 2009

US Long-Term Government Bonds: US is going to have to do a massive amount of issuance to finance the various bailouts. In the short time there are very powerful deflationary forces at work. There is also a public policy to have low financing rates. Given how important it is to get cost of debt down to both consumer and US corporate, the Fed will come in through open purchases and put a cap on yields in the short-term. In the longer term, there are clearly some inflationary forces but that is a 3 to 5 year view.
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US Long-Term Government Bonds: US is going to have to do a massive amount of issuance to finance the various bailouts. In the short time there are very powerful deflationary forces at work. There is also a public policy to have low financing rates. Given how important it is to get cost of debt down to both consumer and US corporate, the Fed will come in through open purchases and put a cap on yields in the short-term. In the longer term, there are clearly some inflationary forces but that is a 3 to 5 year view.
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Ed Devlin

Executive , PIMCO...

Price Price
$0.020
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Unknown

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Toronto Dominion(TD-T) 

February 10, 2009

IV notes issued Jan 15/09 at 9.5%. Called Tier One Capital. Hybrid securities because have characteristics of both debt and equity. Think of it as a deeply subordinated fixed income instrument i.e. it pays a coupon. Price has gone up so the yield is about 8.75% now.
banks
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IV notes issued Jan 15/09 at 9.5%. Called Tier One Capital. Hybrid securities because have characteristics of both debt and equity. Think of it as a deeply subordinated fixed income instrument i.e. it pays a coupon. Price has gone up so the yield is about 8.75% now.
banks
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Ed Devlin

Executive , PIMCO...

Price Price
$39.120
Owned Owned
Yes

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TOP PICK
General Market Comment 

February 10, 2009

Thinks the downturn will be a multi-year process so with policy rates so low, now is the time to take some risk with very high quality spread products. The yield curve is very steep so longer-term 20-30 year provincial bonds (Ontario or Quebec) yielding in the range of 5.3% and 6.2% is better.
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Thinks the downturn will be a multi-year process so with policy rates so low, now is the time to take some risk with very high quality spread products. The yield curve is very steep so longer-term 20-30 year provincial bonds (Ontario or Quebec) yielding in the range of 5.3% and 6.2% is better.
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Ed Devlin

Executive , PIMCO...

Price Price
$0.020
Owned Owned
Yes

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TOP PICK
General Electric(GE-N) 

February 10, 2009

5.37% October 2037 bonds gives a 7.5% yield. There are a number of institutions that are too systemically important to fail. US government is backing them.
electrical/electronic
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5.37% October 2037 bonds gives a 7.5% yield. There are a number of institutions that are too systemically important to fail. US government is backing them.
electrical/electronic
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Ed Devlin

Executive , PIMCO...

Price Price
$11.620
Owned Owned
Yes

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TOP PICK
TransCanada Corp(TRP-T) 

February 10, 2009

5.65% June 2029 bonds yielding 8.1%. Likes high-grade corporates that are non-cyclical that have steady earnings that can be counted on even if consumers go into a severe retrenchment.
oil/gas pipelines
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5.65% June 2029 bonds yielding 8.1%. Likes high-grade corporates that are non-cyclical that have steady earnings that can be counted on even if consumers go into a severe retrenchment.
oil/gas pipelines
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Ed Devlin

Executive , PIMCO...

Price Price
$33.600
Owned Owned
Yes

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