U.S. STOCKS RECOVERED SOME LOSSES FRIDAY despite trade talks with China failing to reach a deal. Of the three major indices, the tech-heavy NASDAQ produced the smallest gains as a result of its exposure to China, closing up 0.08%. 10-Year U.S. Treasury yields rose 2.5 basis points. S&P +0.37%, Dow +0.44%, NASDAQ +0.08%.
|Key Gainers and Losers||Volume Leaders|
|CVS Health Corp. 5.05% 3/25/2048
Toyota Motor Credit Corp. VAR% 5/17/2022
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Omers Finance Trust (CAD) 2.6% 5/14/2029 144A (05/09/2019):1000MM Senior Unsecured Notes, Price at Issuance 99.895, Yielding 2.61%.
2. IBM Corp. (USD) 3.5% 5/15/2029 (05/09/2019): 3250MM Senior Unsecured Notes, Price at Issuance 99.749, Yielding 3.53%.
|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)
|San Miguel Corp. (5Y Sen USD CR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Hargray Communications Group Inc., Rikshem AB, Broadcom LTD, Verifone Inc.
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 12 bp (basis points), as of 05/10/19
- Net positive capital flows into high-yield ETFs & mutual funds
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.