TRADING REVENUES SLIPPED FROM THE 12 LARGEST GLOBAL INVESTMENTS BANKS in March hindered by a steep decline in trading government paper. Revenues from trading Government debt are down 12 percent year-over-year due to lackluster rates in the Asian and European Markets. The 10-year Gilt advanced 0.7 basis points. FTSE 100 +0.55%, German DAX +0.48%, CAC 40 +0.42%, STOXX Europe 600 +0.41%.

BUSINESS CONFIDENCE IN EUROPE TOOK AN ACUTE HIT among business leaders over the past six-months as uncertainty looms with Brexit.  In particular, British businesses leader confidence dipped to 39 percent, “Hard Brexit is becoming more of a reality” according to Dave Brosnan, CEO of CAN Hardy.  Car production in the UK plummeted 44.5 percent year-over-year as factories shut down preparing for a Brexit that never came.  The “untold damage” of a prolonged departure is becoming evident of the Governments “mishandling” of the exit. ADI (Advantage Data Inc.) extensive 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, Vodafone Group PLC (USD) 2.5% 9/26/2022 made some analysts' 'Conviction Buy' lists. (See the chart for Vodafone Group Plc bonds below). Corey Mahoney (cmahoney@advantagedata.com).

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	1.545	1.532	-72.2
Belgium	10	0.343	0.368	-192.4
France	10	0.252	0.272	-201.4
Germany	10	-0.158	-0.129	-242.4
Italy	10	2.690	2.585		42.3
Japan	10	-0.071	-0.069	-233.8
Netherlands	10	0.040	0.062	-222.7
Portugal	10	0.919	0.956	-134.8
Spain	10	0.792	0.810	-147.5
Sweden	10	0.025	0.031	-224.2
U.K.	10	0.919	0.958	-134.8
U.S.	10	2.267	2.326	...

LATEST NEWS: Top moves, sovereign tighteners (5Y): France 29 bp and UK 30 bp. Sovereign wideners (5Y): Spain 53 bp and Italy 228 bp.

New Issues	New Issues [Continued]
1. Cooperatieve Rabobank U.A. (CHF) 0.25% 11/25/2027 (05/28/2019): 185MM Senior Unsecured Notes, Price at Issuance 100.125, Yielding .24%. 2. BNP Paribas Issuance BV (EUR) 0% 12/27/2019 (05/29/2019):100MM Secured Notes, Price at Issuance 100, Yielding 0%. 3. Met Life Global Funding Inc. (CHF) 0.125% 6/11/2027 (05/29/2019): 225MM Secured Notes, Price at Issuance 100, Yielding .13%.

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 05/30/2019, 131.64	NAV as of 05/30/2019, 102.99
Daily NAV Change (%) +0.1%	Daily NAV Change (%) +0.17%

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 7.7% (seasonally adjusted, March 2019)
• Eurostat's quarterly GDP: 0.4% (2019 Q1 Preliminary)
• 6-month Euribor: current value -0.245%, as of 05/29/2019

Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com

Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.