AQUIS EXCHANGE DECLARED BREXIT CLASH could damage the stock market by creating larger spreads on securities and affecting price levels. Aquis, Cboe Europe, and CME have migrated operations to Paris to avoid disruption to customers from Brexit. Aquis accounts for about 4 percent of pan-European share trading. While the UK remains divided over Brexit, most agree “it will shape the economic future of generations to come," threatening London’s position as the dominant global financial capital. 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, Shell International Finance BV (USD) 4% 5/10/2046 made some analysts' 'Conviction Buy' lists. (See the chart for Shell Finance Bonds BV below). Niral Mehta (nmehta@advantagedata.com).

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	1.945	1.993	-66.6
Belgium	10	0.538	0.521	-207.3
France	10	0.471	0.453	-213.9
Germany	10	0.099	0.087	-251.1
Italy	10	2.489	2.425	-12.1
Japan	10	-0.045	-0.036	-265.6
Netherlands	10	0.194	0.171	-241.7
Portugal	10	1.302	1.258	-130.9
Spain	10	1.174	1.151	-143.6
Sweden	10	0.333	0.327	-227.7
U.K.	10	1.188	1.198	-142.3
U.S.	10	2.611	2.608	...

New Issues	New Issues [Continued]
1. Toyota Motor Finance (Netherlands) BV (EUR) FLT% 3/28/2022 (03/19/2019): 300MM Senior Unsecured Notes. 2. Landmark Funding 2019 LTD (USD) 4.5% 3/26/2022 (03/19/2019):450MM First Lien Notes.

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 03/20/2019, 130.42	NAV as of 03/20/2019, 102.84
Daily NAV Change (%) -0.17%	Daily NAV Change (%) -0.36%

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 03/19/2019

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