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European Bond Research as of July 12, 2017

Posted by Michael F. Brown on Jul 13, 2017 11:17:36 AM
JUNK BONDS LAGGED INVESTMENT-GRADE NAMES in European trading, as global investors perceived a less hawkish Janet Yellen 'across the pond'. Indications from Federal Reserve Chair Yellen that  rate increases will maintain a gradual clip sent a spectrum of European equities higher, while global bond yields fell. A rally in oil prices on a bigger-than-expected drop in U.S. crude-oil inventories bolstered the oil-and-energy group, while upbeat sales by Burberry Group PLC sent luxury firms higher, lending additional sector cues  to corporate-bond traders.

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A 3.3% jump in Burberry Group PLC shares led Gucci subsidiary Kering SA and LVMH Moet Hennessy Louis Vuitton higher, along with others in the luxury sector.  Investment-grade debt drew favor, however, as U.S. Treasuries beyond the 1-year T-note extended a rally after Yellen's testimony. ADI (Advantage Data Inc.) extensive corporate-bond index data showed a  net daily yield increment for investment-grade over high-yield constituents. Investment-grade bonds outpaced high-yield debt in net prices. Among European investment-grade bonds showing a concurrence of topmost price gains at appreciable volumes traded, BNP Paribas 3.25% 3/3/2023 made some analysts' 'Conviction Buy' lists.

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