***The Financial Times is running an..........>

BONDS: ***The Financial Times is running an article "US companies transformed

into 800lb gorilla in bond market". The FT looks at SEC filings of 30 large US

companies and finds they own $800bln of  Treasuries, corporate, agency and

municipal debt, as well as asset- and mortgage-backed securities.

- Another way to undertake the same task is to look at table L.103 of the

Federal Reserves Flow of Funds Report, which will include more than the 30

companies (see link below). Alternatively, table F.103 shows the flows into

asset classes. See

https://www.federalreserve.gov/releases/z1/current/html/l103.htm

- For instance, L.103 shows $153bln of corporate bond holdings and $42bln in

Treasury holdings but the report also suffers from a large buck of

'miscellaneous assets'. 

- https://www.federalreserve.gov/releases/z1/current/html/l103.htm