BANKS CHARTER COURT AND ONESAVINGS are set to form Britain’s largest “specialist lender” in a merger that will boost their “defenses in the face of uncertainty brought on by Brexit.” Following the merger of the two companies, they will hold an aggregate market value of 1.75 billion pounds. OneSavings CEO, Andy Golding announced, “Both lenders are strong and can leverage resources to reduce headwind around Brexit.” The lending sector faces a “string of tax and regulatory changes,” in which consolidation of resources can be beneficial to companies. 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, BP Capital Markets Plc (USD) 2.518% 1/16/2020 made some analysts' 'Conviction Buy' lists. (See the chart for BP Capital Markets Bondsbelow). Niral Mehta (nmehta@advantagedata.com).

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	1.968	2.043	-64.0
Belgium	10	0.536	0.546	-207.2
France	10	0.470	0.415	-213.8
Germany	10	0.066	0.057	-254.2
Italy	10	2.559	2.540	-4.8
Japan	10	-0.046	-0.030	-265.4
Netherlands	10	0.156	0.151	-245.2
Portugal	10	1.341	1.332	-126.7
Spain	10	1.198	1.069	-140.9
Sweden	10	0.291	0.297	-231.7
U.K.	10	1.199	1.166	-140.9
U.S.	10	2.608	2.609	...

New Issues	New Issues [Continued]
1. Raiffeisen Bank Intl. AG (EUR) 1% 3/29/2027 (03/13/2019): 50MM Senior Unsecured Notes, Price at Issuance 100.5, Yielding .94%. 2. Aegean Airlines SA (EUR) 3.6% 3/12/2026 (03/13/2019): 200MM Unsecured Notes, Price at Issuance 100, Yielding 3.6%. 3. Sanofi (EUR) 0% 3/21/2022 (03/13/2019): 850MM Senior Unsecured Notes.

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 03/14/2019, 130.40	NAV as of 03/14/2019, 102.91
Daily NAV Change (%) +0.18%	Daily NAV Change (%) +0.31%

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 03/13/2019

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