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Michael F. Brown

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European Bond Research as of October 3rd, 2017

Posted by Michael F. Brown on Oct 3, 2017 2:17:03 PM
SENTIMENT SHIFTED BACK TO THE RISK-AVERSE, as political risk flared further in Spain on the heels of a violent independence vote in Catalonia. With   further Spanish political turmoil expected  in the coming weeks, along with the populist bent shown in Angela Merkel's recent election victory, investors chose to assume a   'wait-and-see' mode today, taking profits after yesterday's defiant risk-taking. The defensive market tone was further exacerbated by numbers showing an   unexpected pullback in the U.K.'s construction sector. Nonetheless a 3.7% rise in construction materials firm   Ferguson PLC's shares buoyed the pan-European   Stoxx 600, while Spanish banks   CaixaBank SA and   Banco Santander SA rebounded from yesterday's pullback on Catalonia news.  
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European Bond Research as of September 29, 2017

Posted by Michael F. Brown on Sep 29, 2017 1:07:25 PM
CAUTION KEPT PRICES IN A THIN CHANNEL  for both high-yield and investment-grade bonds in Europe, headed into the weekend.   E xtended strength in financials was seen today, lifting the pan-European   Stoxx 600  index;   Deutsche Bank AG,   Commerzbank AG, and   Societe Generale  shares all posted gains, reaffirming an upside trend seen for most of the week. Meanwhile an extended weak euro helped export-sensitive groups, although today the   carmaker sector took a hit, following   Volkswagen AG  stock lower by 0.4% at one point, as   Porsche AS AG  also fluctuated south.              
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European Bond Research as of Aug 16, 2017

Posted by Michael F. Brown on Aug 16, 2017 10:41:51 AM
LESS ACUTE NUCLEAR SABRE-RATTLING by the U.S. and N. Korea underpinned a continued move off safe-haven bids, conferring  slight favor for European junk bonds. News indicating Kim Jong has backed off imminent threats to Guam extended yesterday's 'relief rally' in risk assets. Strong U.S. retail data was a component of a pickup in risk-on sentiment in Europe; gains in Danone SA and Aberdeen Asset Management shares were offset by pullbacks in Hargreaves Lansdown PLC and K+S AG, lending sector cues to corporate-bond traders. 
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European Bond Research as of Aug 9, 2017

Posted by Michael F. Brown on Aug 9, 2017 5:20:06 PM
SAFE-HAVEN BIDS ESCALATED, keeping European investment-grade bonds favored for much of the trading day. The higher-quality, lower-risk tiers of corporate debt easily outpaced junk bonds in net price gains linked to actual trades. Acute attention to global geopolitical and terrorism risk, stemming from U.S.-North Korean war rhetoric and an apparent terrorist act outside Paris, kept investors in a defensive state of mind. Gains in Scout 24 AG and Novo Nordisk A/S shares lifted Stoxx 600 equities initially, although the index remained mired in the red into afternoon London time. 
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European Bond Research as of Aug 1, 2017

Posted by Michael F. Brown on Aug 1, 2017 1:07:20 PM
HIGH-YIELD BONDS REGAINED CLEAR-CUT FAVOR over their less-risky investment-grade counterparts, outpacing them in net price gains linked to trades. The move was underpinned in part by upbeat GDP growth data for Europe in the second quarter, in part by numbers showing a welcome return to profit by oil heavyweight BP PLC amid higher crude-oil prices. Corporate-bond traders took additional sector cues from a 10.7% gain in Rolls-Royce Holdings PLC shares, while Dutch chemical and pharma firm Royal DSM NV climbed 5.8%. Despite the previous trading sessions' gain in the materials group on stronger Chinese construction data, precious metal miner  Fresnillo PLC pulled back 2.6%.
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