GERMAN POLITICIANS UNCERTAIN ABOUT EFFICACY OF THE DEUTSCHE BANK AND COMMERZBANK merger. Both banks have been struggling to stay “afloat” with many layoffs occurring, meanwhile, their shares have lost approximately 80% in market share value.  “It is not clear how putting two sick banks together will result in a healthy one,” stated Cansel Kiziltepe, a Social Democrat lawmaker. German Chancellor, Merkel has not commented on whether she approves of the merger or not.  Among European high-grade bonds showing a concurrence of top price gains at appreciable volumes traded, Barclays PLC (USD) 5.2% 5/12/2026 made some analysts' 'Conviction Buy' lists. (See the chart for Barclays PLC bonds below). Niral Mehta (nmehta@advantagedata.com).

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	1.889	1.948	-64.5
Belgium	10	0.471	0.525	-206.3
France	10	0.402	0.455	-213.2
Germany	10	0.044	0.086	-249.1
Italy	10	2.451	2.518	-8.3
Japan	10	-0.035	-0.035	-256.9
Netherlands	10	0.131	0.173	-240.4
Portugal	10	1.280	1.314	-125.4
Spain	10	1.099	1.157	-143.5
Sweden	10	0.278	0.325	-225.6
U.K.	10	1.067	1.158	-146.8
U.S.	10	2.534	2.525	...

LATEST NEWS: Top moves, sovereign tighteners (5Y): Belgium 25 bp and Dubai 125 bp. Sovereign wideners (5Y): France 28 bp and Denmark 11 bp.

New Issues	New Issues [Continued]
1. Canara Bank (USD) 3.875% 3/28/2024 (03/21/2019): 400MM Senior Unsecured Notes. 2. Royal Bank of Scotland Group PLC (GBP) 3.125% 3/28/2027 (03/21/2019): 500MM Senior Unsecured Notes, Price at Issuance 99.347, Yielding 3.231%. 3. Erste Group Bank AG (EUR) 0% 3/22/2029 (03/21/2019): 50MM Unsecured Notes, Price at Issuance 100, Yielding 0%.

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 03/22/2019, 130.73	NAV as of 03/22/2019, 102.69
Daily NAV Change (%) -0.02%	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 -0.229%, as of 03/21/2019

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