STOCKS ROSE FOR THE THIRD STRAIGHT DAY behind strong earnings from Walmart and Cisco Systems. Troy Gayeski of SkyBridge Capital states, “The U.S. consumer is in exceptional shape, and Walmart’s results reinforce that view”. All three major indices settled about where they started at the beginning of the week, showing resilience in the the equities market. Crude Oil rose 1.69%. S&P +0.89%, Dow +0.84%, NASDAQ +0.97%.
|Key Gainers and Losers||Volume Leaders|
|Wal-Mart Stores Inc. 2.35% 12/15/2022
Ford Motor Credit Co. 2.681% 1/9/2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Ryder System Inc. (USD) 2.875% 6/1/2022 (05/15/2019): 550MM Senior Unsecured Notes, Price at Issuance 99.942, Yielding 2.89%.
2. American Express Co. (USD) 2.75% 5/20/2022 (05/15/2019):1250MM Senior Unsecured Notes, Price at Issuance 99.88, Yielding 2.79%.
|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)
|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:
- PCI GAMING AUTHORITY, Medallion Midland Acquisition, Eldorado Gold Corp.
- TED spread held below 13 bp (basis points), as of 05/16/19
- Net positive capital flows into high-yield ETFs & mutual funds
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