COVID-19 UPDATE: CA cases surge due solely to LA County... bears watching. Travel can return even in a '6 feet' world. Boeing $25b debt sale, 40-yr tranche priced at 6% yield, suggests debt investors look past "crisis". Barely perceptible signs future travel bookings rising.

Please join us for a FREE webinar TODAY at 1:00 pm ET as we discuss investment strategy as the COVID-19 pandemic moves into the “restart” phase. Registration is required to receive dial-in/login details. Please register here to attend.COVID-19 remains a global crisis and we realize that many people need to keep up with COVID-19 developments, particularly since we are moving into the more critical stage ("restart economy"), so feel free to share our commentary to anyone who has interest.On the COVID-19 front, the only notable development seems to be a surge in reported cases in California to 2,417, nearly +1,000 higher than the previous day and a new high (2,258 on 4/21/2020 was old high).  CA is the only state reporting a new high in cases and the county-level data shows the +1,000 was all in Los Angeles county.  CA Governor Newsom noted the +5% increase in cases but did not seem particularly alarmed and noted that hospitalizations and deaths increased by less than 1%.  But he did emphasize the need for beachgoers to comply with social distance measures.The most important development today, in our view, is the massive $25 billion bond deal priced by Boeing, the largest debt deal in 2020.  This is a company caught in a double maelstrom - 737Max and the complete travel sh...

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