TOP WEALTH MANAGER OF QUILTER'S CLIENTS ARE IN WEALTH PRESERVATION MODE AS BREXIT LOOMS. CEO of Quilter, Paul Feeney stated “We are living in unprecedented times. In these unchartered waters, the only certainty seems to be uncertainty.” Bank of England has implemented that UK banks triple their liquid assets to buffer a possible financial shock if they need to. This implies Banks are able to withstand a scenario in which banks don’t lend to one another for 100 days, rather than the normal 30 day period. 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-yield debt as of 3 PM, London time. Among European high-grade bonds showing a concurrence of top price gains at appreciable volumes traded, Ensco PLC (USD) 5.75% 10/1/2044 made some analysts' 'Conviction Buy' lists. (See the chart for Ensco PLC bonds below.) Niral Mehta (nmehta@advantagedata.com).

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	2.040	2.042	-59.9
Belgium	10	0.539	0.541	-210.0
France	10	0.409	0.412	-223.1
Germany	10	0.071	0.071	-256.8
Italy	10	2.563	2.498	-7.6
Japan	10	-0.036	-0.032	-267.5
Netherlands	10	0.152	0.160	-248.7
Portugal	10	1.322	1.344	-131.7
Spain	10	1.044	1.053	-159.5
Sweden	10	0.294	0.292	-234.6
U.K.	10	1.184	1.190	-145.5
U.S.	10	2.639	2.635	...

New Issues	New Issues [Continued]
1. PepsiCo Inc. (EUR) 0.75% 3/18/2027 (03/11/2019): 500MM Senior Unsecured Notes, Price at Issuance 99.815, Yielding .774%. 2. Erste Group Bank AG (EUR) 1.4% 4/1/2031 (03/11/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.4%. 3. APT Pipelines LTD (GBP) 3.125% 7/18/2031 (03/11/2019): 400MM Senior Unsecured Notes, Price at Issuance 99.224.

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 03/12/2019, 129.95	NAV as of 03/12/2019, 104.23
Daily NAV Change (%) +0.22%	Daily NAV Change (%) +0.26%

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, January 2019)
• Eurostat's quarterly GDP: 0.2% (2018 Q3 Final)
• 6-month Euribor: current value -0.232%, as of 03/011/2019

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