Advantage Data High Yield Bond Market Summary

European Bond Research - October 25, 2019

Posted by Pierre Robert on Oct 25, 2019 1:37:30 PM
BREXIT DEAL, QUICK ELECTION, ETC. CAUSING VOLATILITY. POUND FALLS. EURO MARKET UP BUT STEADY. FTSE 100 -0.76%, German DAX +0.17%, CAC 40 +0.67%, STOXX Europe 600 +0.64%. The 10-year Gilt was up 5.9 bps.

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SOVEREIGN BONDS WERE MIXED TO LOWER AND STOCK MARKETS ARE MIXED.  (Advantage Data Inc.).  Extensive corporate-bond index data showed a net daily grade increment for high-grade versus high-yield constituents. High-yield bonds edged out high-grade debt as of 3 PM, London time.  Among European high-yield bonds showing a concurrence of top price gains at appreciable volumes traded,  Louis Dreyfus Company BV (USD) 5.25% 6/13/2023 made some analysts 'Conviction buy' lists. (See the chart for Louis Dreyfus Company BV bonds below). Pierre Robert
 

 

Credit-Default Swap Market


LATEST NEWS: Top moves, sovereign tighteners (5Y): Germany 10.65 bp and Greece 170.61 bp. Sovereign wideners (5Y): Belgium 17.95 bp and Italy 111.03 bp.

New Issuance


New Issues New Issues [Continued]

1. Eircom Finance LTD (EUR) 2.625% 2/15/2027 (10/24/2019): 350MM Secured Notes, Price at Issuance 100, Yielding 2.625%.



(None Current 10/25/2019)

 

 

ADI Indexes


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DATA CHECK:
 
iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 10/25/2019, 134.45 NAV as of 10/25/2019, 103.38
Daily NAV Change (%) +0.02% Daily NAV Change (%) -0.09%

OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of negative momentum, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
  • Eurostat's unemployment ratecurrently 7.5% (seasonally adjusted, May 2019)
  • Eurostat's quarterly GDP: 0.4% (2019 Q1)
  • 6-month Euribor: current value -0.348%, as of 10/24/2019

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Topics: High Yield, Investment Grade, Loans, Analytics, bonds, junk bonds, bond market, market analytics, New Issues, Finance, Fixed Income, News, Syndicated Bonds, syndicated, research, market update


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