INVESTMENT GRADE DEBT EDGED HIGHER as investors flee to safe-haven assets predicting the Fed will cut interest rates. BlackRock anticipates the Fed to cut rates “over the next few months” by 25-50 basis points following a weak employment report and continued trade tensions. Gold rose for the eighth straight session. The 10-year note sank 3.5 basis points. S&P +1.19%, DOW +1.16, NASDAQ +1.74%.
|Key Gainers and Losers||Volume Leaders|
|Halfmoon Parent Inc. 4.9% 12/15/2048 144A
Verizon Communications Inc. 3.376% 2/15/2025
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Apollo Management Holdings LP (USD) 4.872% 2/15/2029 (06/06/2019): 125MM Senior Unsecured Notes, Price at Issuance 104.812, Yielding 4.26%.
2. Canadian Western Bank (CAD) 3.668% 6/11/2029 (06/06/2019):250MM Subordinated Notes, Price at Issuance 100, Yielding 3.67%.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Weatherford International LTD (5Y Sen USD XR14)
Hertz Corp. (5Y Sen USD CR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Packers Holdings, Charles Schwab Corp., Tundra Energy Marketing , Louis Dreyfus Corp.
- TED spread held below 15 bp (basis points), as of 06/07/19
- Net positive capital flows into high-yield ETFs & mutual funds
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