European Bond Research 11/16/2017

Posted by Michael F. Brown on Nov 17, 2017 11:57:16 AM
JUNK BONDS FLUCTUATED HIGHER  in overall price gains linked to trades, outpacing investment-grade debt on the European trading front. A  strong showing by Europe's carmakers  was a major element in today's market dynamic, as   Volkswagen AG  shares jumped 3.1%,   Fiat Chrysler NV  was up 1.6%, and   Renault SA added 1.3%, as of   3:30 PM, London time. Today's rebound in risk assets, on the heels of the worst run of sell-offs since October of '16, was fed also by upbeat data from heavyweight conglomerate   Bouygues SA,   3i Group PLC, and  British Land Co. PLC.   Nymex  oil prices stabilized around $55.30, supporting a   rebound in the oil-and-energy sector  as the view grew that U.S. shale producers will be more disciplined, going forward. 
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Topics: High Yield, Investment Grade, bonds, junk bonds, bond market, corporate bonds

European Bond Research as of October 26, 2017

Posted by Michael F. Brown on Oct 26, 2017 2:38:18 PM
JUNK BONDS REGAINED A SLIGHT EDGE over less-risky  investment-grade debt, as stocks in Europe's bourses took a turn to the upside. The pan-European   Stoxx 600  index reflected a string of gains among European equities, driven mainly by   dovish comments from Mario Draghi, chief of the   ECB (European Central Bank). In a more-or-less expected stance, Draghi pledged to move cautiously in scaling back stimulus measures, sending the  euro lower  and putting many investors in risk assets in a good mood. Corporate-bond traders took cues from   early gains in Spanish banks, with   Banco Sabadell SA  shares up 4.7% at one point,  BBVA  up 3%, while   Nokia Corp. was off over 17% as of   5 PM  London time.
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Topics: High Yield, Investment Grade, bonds, bond market, corporate bonds

U.S. High Yield Default Rate Remains Below 2%; Seadrill Propels Yankee Rate

Posted by Fitch Ratings on Oct 3, 2017 2:31:04 PM

Fitch U.S. High Yield Default Insight (U.S. High Yield Default Rate Remains Below 2%; Seadrill Propels Yankee Rate)

Several U.S. high yield companies have interest payments scheduled for Sept. 15 which, according to Fitch Ratings, if not made would move the default rate above the current 1.8% mark, and includes two large retailers.

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Topics: High Yield

Fitch: US High Yield TTM Default Rate Falls to Lowest Level Since March 2014

Posted by Fitch Ratings on Aug 15, 2017 12:32:19 PM

The U.S. trailing 12-month (TTM) high yield default rate dipped below 2% for the first time since March 2014, according to Fitch Ratings in a new report.

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Topics: High Yield, Loan Default Rate

Fitch U.S. High Yield Default Insight 7/20/2017

Posted by Fitch Ratings on Jul 21, 2017 11:55:29 AM

July HY TTM Default Rate Dips Below 2%; Energy Rate Lowest Since August 2015

July Default Rate Below 2%: The July U.S. TTM high yield default rate stands at 1.9%, down from 2.2% at June 30. This represents the seventh straight month the rate will have fallen and marks the lowest level since March 2014. Chinos Intermediate Holdings’ (J. Crew Group Inc.) distressed debt exchange (DDE) and Armstrong Energy Inc.’s missed payment were the two July defaults registering $766 million. The month’s total is well below the $4.7 billion rolling off the TTM universe.

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Topics: High Yield, energy

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