U.S. STOCKS RECOVERED EARLY LOSSES on Friday as positive economic data weighs against trade concerns. News that China is hesitant to resume trade talks with the U.S. reinforced investors' concerns that tensions will persist. However, news that consumer sentiment is at a 15-year high bolstered stocks and stabilized U.S. treasury yields, with the 10-Year Note at 2.39%. S&P -0.58%, Dow -0.38%, NASDAQ -1.04%.
|Key Gainers and Losers||Volume Leaders|
|Apple Inc. 2.85% 5/11/2024
Citigroup Inc. FLT% 1/10/2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Air Lease Corp. (USD) 3.75% 6/1/2026 (05/16/2019): 750MM Senior Unsecured Notes, Price at Issuance 98.85, Yielding 3.94%.
2. Dow Chemical Co. (USD) 4.8% 5/15/2049 144A (05/17/2019):750MM Senior Unsecured Notes, Price at Issuance 99.403, Yielding 4.84%.
|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)
|SuperValu Inc. (5Y Sen USD XR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Horizon Pharma Inc., PCI GAMING AUTHORITY, Medallion Midland Acquisition
- TED spread held below 14 bp (basis points), as of 05/17/19
- Net positive capital flows into high-yield ETFs & mutual funds
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