U.S. STOCKS STABILIZED ON Wednesday after two consecutive days of losses. The Dow Jones closed up 0.01% with the other two major indices falling for the third straight day. On the treasury side, there is some optimism regarding a trade deal between the U.S. and China which has decreased demand for U.S. treasuries, causing their yields to increase. 10-Year U.S. Treasury Notes rose 2.5 basis points. S&P -0.16%, Dow +0.01% , NASDAQ -0.26%.
|Key Gainers and Losers||Volume Leaders|
|GE Capital Intl. Funding Co. 3.373% 11/15/2025
Home Depot Inc. 4.5% 12/6/2048
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Brixmor Operating Partnership LP (USD) 4.125% 5/15/2029 (05/07/2019): 400MM Senior Unsecured Notes, Price at Issuance 99.804, Yielding 4.15%.
2. Principal Financial Group Inc. (USD) 3.7% 5/15/2029 (05/07/2019):500MM Senior Unsecured Notes, Price at Issuance 99.602, Yielding 3.75%.
|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)
|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:
- Broadcom LTD, Verifone Inc., Twin River Management Group Inc., Lonsdale Finance Pty 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 15 bp (basis points), as of 05/08/19
- Net positive capital flows into high-yield ETFs & mutual funds
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