CAUTIONARY STANCES ABOUNDED among traders in European corporate bonds as central-bank and political moves loomed, with the Fed and a key Dutch election imminent. An interest-rate hike from 'across the pond' in the U.S. is, by consensus, nearly certain. A key political outcome in the Netherlands also motivated caution, with far-right candidate Geert Wilders' popularity likely to presage voting strength for France's Marine Le Pen. As New York trading was in part hamstrung by a mid-March blizzard, gains in Europe's RWE AG and Ocado PLC lent sector cues to bond traders. 

ADI (Advantage Data Inc.) extensive corporate-bond index data showed a net daily yield increment for high-yield versus investment-grade constituents. Investment-grade bonds outpaced high-yield debt in net price gains linked to actual trades. Among European investment-grade bonds showing a concurrence of topmost price gains at appreciable volumes traded, BNP Paribas 2.7% 8/20/2018 made some analysts' 'Conviction Buy' lists.

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M. F. Brown  mbrown@advantagedata.com 

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