STOCKS PLUMMETED MONDAY MORNING as China retaliated with movements to raise tariffs on $60 billion worth of U.S. goods. Starting June 1, Chinese officials say tariffs will be raised to as high as 25%on products that currently face levies of 5-10%. All three major indices dropped at least 2% amid the continued trade tensions, with the NASDAQ falling 3.41%. Crude Oil was down 1.3%. S&P -2.41%, Dow-2.38%, NASDAQ -3.41%.
|Key Gainers and Losers||Volume Leaders|
|Comcast Corp. 4.15% 10/15/2028
Vodafone Group PLC 5.25% 5/30/2048
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Rsse Stephens Properties Limited Partnership (USD) FLT% 5/1/2029 (05/13/2019): 175MM Secured Notes, Price at Issuance 100.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Weatherford International LTD (5Y Sen USD XR14)
Hertz Corp. (5Y Sen USD XR14)
|Road King Infrastructure LTD (5Y Sen USD MR14)
Cable & Wireless Communication (5Y Sen USD CR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Oryx Midstream, Hargray Communications Group Inc., Rikshem AB, Broadcom LTD
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 11 bp (basis points), as of 05/13/19
- Net positive capital flows into high-yield ETFs & mutual funds
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