Michael F. Brown

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European Bond Research November 28, 2017

Posted by Michael F. Brown on Nov 28, 2017 12:20:54 PM
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FAVOR FOR INVESTMENT-GRADE BONDS carried over from yesterday's session, even as stocks in Europe's bourses stepped higher amid   strength in the oil-and-energy sector.   Royal Dutch Shell PLC shares, up 4.2% as of   3:40  London time, lifted a range of related European oil firms' stock and junk debt as well, including those of   Tullow Oil PLC,   Total SA, and   BP PLC. A degree of optimism in the banking sector stemmed from data showing   encouraging stress tests for U.K. banks, although gains in this sector remained spotty amid pullbacks in  Barclays PLC shares, off 0.7%, and   Credit Suisse Group, off 0.52%,  while   Societe Generale  added 0.75%. Meanwhile the mining and materials sectors remained under pressure as shares of  Rio Tinto PLC,   Glencore PLC, and   BHP Billiton PLC  shares all extended yesterday's pullbacks .      
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Topics: Investment Grade, bond market, corporate bonds

European Bond Research as of November 22, 2017

Posted by Michael F. Brown on Nov 22, 2017 2:52:30 PM
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EUROPEAN JUNK BONDS RETAINED SLIGHT FAVOR over their less-risky investment-grade counterparts, as stocks in Europe's bourses stepped modestly higher. A bit   less acute German political risk  was in the picture, relative to yesterday. The view grew that   a return to the   Grand Coalition  of parties urged by Angela Merkel may be best , despite resistance from the liberal   SPD ( Social Democratic Party of Germany). This, along with a   sharp fresh high in crude-oil prices, led investors in Europe to show a slight preference for risk assets, as   WTI (West Texas Intermediate) oil touched its highest close in over two years.   European oil firms rose accordingly  as gains in   Royal Dutch Shell PLC  shares added 1.0%,   Tullow Oil PLC  was up 4.3%, and   Total SA  was up 1.4%. In other sector cues for bond traders,   Akzo Nobel NV shares added 1.4%,  Thomas Cook PLC was off 7.7%, as of   4:40  London time.       
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Topics: bonds, bond market, corporate bonds

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
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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

European Bond Research as of October 17, 2017

Posted by Michael F. Brown on Oct 17, 2017 1:24:01 PM
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MOSTLY SIDEWAYS TRENDING, BUT WITH A SLIGHT UPSIDE SLOPE,  bids for European high-yield corporate bonds edged out investment-grade securities. Nonetheless an   extended push-pull mode  kept overall price moves channeled in fairly tight bands, resembling much of yesterday's market dynamic.   U.K. inflation touching the highest level in about five years served to push the British   FTSE  and some   Stoxx 600  equities and junk debt higher. However  Germany's   ZEW  data pointed to   disappointing German economic confidence, coming in at 17.6 versus 20.4 expected, pulling some upside moves back, in mean reversion.   Spanish banks remained pressured  amid acute political risk linked to a Catalonian bid for independence, exemplified by pullbacks in   CaixaBank SA  shares.
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Topics: bonds, bond market, corporate bonds

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