HONDA ANNOUNCED, “ANY BREXIT DEAL must be long enough to sustain stability.” Honda retains 10 percent of the market share of cars in Britain, they have declared closing its factory due to Brexit uncertainty. Honda, BMW, and Rolls-Royce brands account for 55 percent of UK car output, all plan to shut their factories in April. “The BMW group wants to achieve security on operations and revenue.” Honda stated they are relying on the government to deliver a “clear, legally certain, path forward to avoid no deal.”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, Royal Bank of Scotland Group PLC (USD) 6.1% 6/10/2023 made some analysts' 'Conviction Buy' lists. (See the chart for Royal Bank of Scotland Group Bonds below). Niral Mehta (nmehta@advantagedata.com).

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	1.984	1.968	-64.1
Belgium	10	0.541	0.536	-208.4
France	10	0.473	0.470	-215.2
Germany	10	0.089	0.066	-253.6
Italy	10	2.500	2.559	-12.5
Japan	10	-0.041	-0.046	-266.6
Netherlands	10	0.175	0.156	-245.0
Portugal	10	1.329	1.341	-129.6
Spain	10	1.195	1.198	-143.0
Sweden	10	0.307	0.291	-231.8
U.K.	10	1.225	1.199	-140.0
U.S.	10	2.625	2.621	...

New Issues	New Issues [Continued]
1. Erdoel Lagergesellschaft (EUR) 0.834% 3/21/2029 (03/14/2019):75MM Senior Unsecured Notes. 2. Hypo Vorarlberg Bank AG (EUR) 0.295% 3/22/2022 (03/14/2019):50MM Senior Unsecured Notes, Price at Issuance 100, Yielding .3%. 3. Just Group LTD (GBP) 9.375% PERP (03/14/2019): 300MM Junior Subordinated Notes.

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 03/15/2019, 130.44	NAV as of 03/15/2019, 102.92
Daily NAV Change (%) +0.05%	Daily NAV Change (%) +0.00%

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 03/14/2019

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