THERESA MAY set out plans for a 1.6 billion pound fund to support economic growth in Brexit-supporting communities. Theresa May stated, “It can make a vast difference in creating the jobs, actually putting the skills in place and changing people’s lives in a modern positive economy.” Japanese companies could relocate away from Britain in the coming months if the uncertainity around Brexit persists, affecting overall growth in the economy. ADI (Advantage Data Inc.) corporate-bond index data showed a net daily yield increment for high-grade versus high-yield constituents. High-grade bonds edged out high-grade debt as of 3 PM, London time. Among European high-grade bonds showing a concurrence of top price gains at appreciable volumes traded, Mylan Inc. (USD) 3.95% 6/15/2026 made some analysts' 'Conviction Buy' lists. (See the chart for Mylan bonds below.) Niral Mehta  (nmehta@advantagedata.com).

 

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	2.164	2.114	-58.3
Belgium	10	0.702	0.688	-204.5
France	10	0.582	0.575	-216.5
Germany	10	0.186	0.186	-256.0
Italy	10	2.733	2.759	-1.4
Japan	10	-0.008	-0.026	-275.5
Netherlands	10	0.289	0.292	-245.8
Portugal	10	1.488	1.469	-125.9
Spain	10	1.203	1.171	-154.3
Sweden	10	0.414	0.397	-233.3
U.K.	10	1.298	1.175	-144.8
U.S.	10	2.747	2.718	...

New Issues	New Issues [Continued]
1. Aroundtown SA (HKD) 3.69% 3/11/2024 (03/04/2019): 430MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.69%.

ADI Indexes

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 03/4/2019, 129.71	NAV as of 03/4/2019, 104.48
Daily NAV Change (%) +0.08%	Daily NAV Change (%) +0.12%

OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of positive momentum, although conditions are expected to deteriorate hindered by the termination of quantitative easing, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:

• Eurostat's unemployment rate: currently 7.9% (seasonally adjusted, November 2018)
• Eurostat's quarterly GDP: 0.2% (2018 Q3 Final)
• 6-month Euribor: current value -0.230%, as of 03/01/2019

Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com

Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.

---

Learn more about European Investment Grade & European High Yield Advantage from AdvantageData.