US Bancorp (USB A-/A/A) - Q4 Results
Pretty good for creditors despite miss on expectations
Valuation: The USB SR Pref (the only sr pref in the below chart, the rest are sr non-pref) is cheap for its rating. Probably because it is a less well-known name. Perhaps reflecting the negative Moody's outlook - although this is from November 2023 and unlikely to be converted given subsequent results
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G G5 97.50/98.50 call spread, paper pays 4.0 to 5.0 on 10.65k
December's National Association of Home Builders (NAHB) Housing Market Index printed 46 for a second consecutive month, continuing to point to a subdued outlook for single-family homebuilding activity versus post-pandemic highs.
Congressional leaders have struck a deal to extend government funding until March 14. The final text of the package is yet to be released but appears to include nearly all of the USD$100+ million in disaster relief requested by Biden and a one-year extension of the Farm Bill, which includes roughly USD$10 billion in economic assistance to farmers. The CR is also expected to include a package of China-related bills that crack down on US investment in some areas related to the Chinese tech sector.