HIGH-YIELD DEBT ROSE AGAINST INVESTMENT GRADE BONDS in net prices linked to actual trades. Treasury yields ticked higher resulting in a steeper curve as crude oil prices push higher, the two often move hand in hand. In addition, the spread between the two and 10-year note widened 1.3 basis points. 10-year Treasury note rose 0.2 basis points. S&P -0.01%, DOW -0.22%, NASDAQ +0.07%
|Key Gainers and Losers||Volume Leaders|
|CVS Health Corp. 4.3% 3/25/2028
Toronto-Dominion Bank 2.125% 4/7/2021
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
(None Current 04/22/2019)
Bank of America Corp. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/18/19, with a net inflow of $1.1B, year-to-date $14.4B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD XR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|SuperValu Inc. (5Y Sen USD XR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Prysmian, Project Maple II BV, Trade Me Group LTD, Jane Street, Six Flags Inc.
- TED spread held below 17 bp (basis points), as of 04/22/19
- Net positive capital flows into high-yield ETFs & mutual funds
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