THE EUROPEAN UNION RELEASED A LIST of U.S. imports worth $20 billion imposing tariffs in response to the White House proposing a large list of EU products for tariffs. EU Trade Commissioner Cecilia Malmstrom remains optimistic, "The EU remains open for discussions with the U.S., provided these are without preconditions and aim at a fair outcome". House prices in South East England fell for the first time since 2011 dipping 1.8 percent heightening concerns of the shaky Britain housing market as prices across Britain as a whole increased at their slowest rate in six years. ADI (Advantage Data Inc.) extensive corporate-bond index data showed a net daily yield increment for high-grade versus high-yield constituents. High-
|Country||Maturity (Y)||Yield (%)||Previous (%)||Spread (bp)|
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
1. Navig8 Topco Hldg Inc. (USD) 12% 5/3/2023 (04/16/2019): 100MM Secured Notes, Price at Issuance 100, Yielding 12%.
2. WMG Acquisition Corp. (EUR) 3.625% 10/15/2026 (04/16/2019):195MM Secured Notes, Price at Issuance 103.875, Yielding 3.04%.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 04/17/2019, 131.39||NAV as of 04/17/2019, 104.63|
|Daily NAV Change (%) -0.08%||Daily NAV Change (%) +0.02%|
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 7.8% (seasonally adjusted, February 2019)
- Eurostat's quarterly GDP: 0.2% (2018 Q3 Final)
- 6-month Euribor: current value -0.232%, as of 04/16/2019
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