U.S. THREATENED TO SLAP TARIFFS ON HUNDREDS OF EUROPEAN GOODS dragging stocks lower on Tuesday. Job openings fell sharply in February by more than a half million slipping to levels not seen in over a year, “Like the rest of the economy, the labor market is not perfectly steady on its feet”. Gold rose to nearly two-week highs settling above $1307.8 per ounce. 10-year Treasury note dipped 2.5 basis points. S&P -0.58%, DOW -0.68%, NASDAQ -0.46%
|Key Gainers and Losers||Volume Leaders|
|Ares Capital Corp. 4.25% 3/1/2025
Athene Global Funding 4% 1/25/2022 144A
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. DPL Inc. (USD) 4.35% 4/15/2029 144A (04/08/2019): 400MM Senior Unsecured Notes, Price at Issuance 99.848, Yielding 4.37%.
2. SMBC Aviation Capital Fi (USD) 3.55% 4/15/2024 (04/08/2019):500MM Senior Unsecured Notes, Price at Issuance 99.868, Yielding 3.58%.
Toyota Motor Credit Corp. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/5/19, with a net inflow of $2.0B, year-to-date $12.0B 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 MR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Ultimate Software Group, Crossamerica Partners LP, Ryman Healthcare Group
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 17 bp (basis points), as of 04/09/19
- Net positive capital flows into high-yield ETFs & mutual funds
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