HIGH-YIELD DEBT ROSE AGAINST INVESTMENT GRADE BONDS
in net prices linked to actual trades. Treasury yields ticked higher resulting in a
steeper curve
as crude oil prices push higher, the two often
move hand in hand.
In addition, the
spread
between the two and 10-year note
widened 1.3 basis
points.
10-year Treasury note rose 0.2 basis points.
S&P
-0.01%,
DOW
-0.22%,
NASDAQ
+0.07%
EXISTING U.S. HOME SALES PLUMMET 4.9 PERCENT IN MARCH to start the spring selling season off on a low note. The underlining issue remains with the
lack of affordable inventory
causing the slowdown. Doug Duncan, chief economist at Fannie Mae states “
There simply isn’t supply at the entry level where people actually want to buy”. Crude oil soared 2.59 percent as the U.S. announced the
termination of waivers
for countries to import Iranian oil. U.S. Secretary Mike Pompeo declared
“U.S. will not issue any exception to Iranian oil importers,”
currently
eight countries have waivers
expiring May 2.
ADI proprietary index data showed a net
yield increment for high-yield versus high-grade bonds. High-yield edged out high-grade. Among high-yield bonds showing topmost price gains at appreciable volumes traded,
Lennar Corp. (USD) 4.75% 4/1/2021
made analysts' 'Conviction Buy' lists. (See the chart for
Lennar Corp. bonds below.)
Corey Mahoney
cmahoney@advantagedata.com).
| Key Gainers and Losers |
Volume Leaders |
| + |
HCA Inc. 6.5% 2/15/2020 |
+ 0.1% |
| |
Sprint Spectrum LP 7.25% 9/15/2021 |
+ 0.1% |
| - |
Hertz Corp. 6.25% 10/15/2022 |
-2.2% |
|
Momentive Performance Materials Inc. 3.88% 10/24/2021
Ensco PLC 4.5% 10/1/2024
|
| Industry Returns Tracker |
| Industry |
Past Day |
Past Week |
Past Month |
Past Quarter |
YTD |
Past Year |
| Agriculture, Forestry, Fishing |
-0.23% |
0.46% |
1.98% |
4.41% |
7.24% |
5.89% |
| Mining |
0.01% |
0.59% |
2.40% |
4.38% |
9.44% |
3.85% |
| Construction |
-0.08% |
0.30% |
2.15% |
5.02% |
7.76% |
4.59% |
| Manufacturing |
-0.05% |
0.16% |
1.50% |
4.46% |
7.42% |
5.49% |
| Transportion, Communication, Electric/Gas |
-0.02% |
0.25% |
1.76% |
5.15% |
7.45% |
5.86% |
| Wholesale |
-0.05% |
0.15% |
1.28% |
4.19% |
7.64% |
3.98% |
| Retail |
-0.04% |
0.30% |
2.12% |
5.01% |
9.16% |
5.95% |
| Finance, Insurance, Real-Estate |
-0.01% |
0.01% |
1.14% |
4.04% |
7.04% |
5.73% |
| Services |
-0.05% |
-0.04% |
1.22% |
3.81% |
7.00% |
6.20% |
| Public Administration |
0.12% |
0.23% |
0.43% |
3.31% |
6.08% |
10.11% |
| Energy |
0.04% |
0.82% |
2.43% |
4.74% |
9.20% |
3.33% |
| |
| Total returns (non-annualized) by rating, market weighted. |
|
| New Issues |
Forward Calendar |
|
(None Current 04/22/2019)
|
1. E.W. Scripps: $1.85B term loans and unsecured debt, Expected Q1 2019
2. Twinset Spa: ¬170M 5 year senior secured floating-rate notes, Expected Q1 2019
|
Additional Commentary
NEW ISSUANCE WATCH: on 4/17/19 participants welcome a $300MM new corporate-bond offering by
Vizient Inc.
The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/18/19, with a net inflow of $1.1B, year-to-date $14.4B flowed into high-yield.
| Top Widening Credit Default Swaps (CDS) |
Top Narrowing Credit Default Swaps (CDS) |
Rite Aid Corp. (5Y Sen USD XR14)
Hertz Corp. (5Y Sen USD CR14) |
Road King Infrastructure LTD (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14) |
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading,
notable secondary activity:
- Prysmian, Project Maple II BV, Trade Me Group LTD, Jane Street, Six Flags Inc.
OVERALL CREDIT MARKET:
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 17 bp (basis points), as of 04/22/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Read More
Topics:
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
News,
Syndicated Bonds,
syndicated,
research,
market update
JUNK BONDS SLIGHTLY EDGED OUT INVESTMENT-GRADE DEBT in net prices linked to actual trades. Equities slip as healthcare stocks took a significant hit on Wednesday amid the developing political environment surrounding healthcare. UnitedHealth plummeted 7 percent in the past two days alone despite an earnings beat on Tuesday. 10-year Treasury note rose 0.2 basis points S&P -0.19%, DOW+0.06%, NASDAQ -0.05%
U.S. TRADE DEFICIT CONTRACTS TO AN EIGHT MONTH LOW in February as
imports from China narrowed 3.4 percent
. Economist suspect a trade deficit will remain high
,
“Even if trade negotiations are resolved in such a way as to reduce the bilateral trade deficit with China…[it] would likely divert trade flows to other countries”.
The labor market remains strong, “
Wages grew moderately
in most districts for both skilled and unskilled workers, with only three reporting slight growth in workers’ pay”.
Pinterest is targeting an IPO price of $19
a share and will begin trading on Thursday $2 above the high end of the range.
ADI proprietary index data showed a net
yield increment for high-yield versus high-grade bonds.
High-yield edged out high-grade. Among high-yield bonds showing topmost price gains at appreciable volumes traded,
Albertsons Inc (USD) 7.45% 8/1/2029
made analysts' 'Conviction Buy' lists. (See the chart for
ADI indices above.)
Corey Mahoney
cmahoney@advantagedata.com).
| Key Gainers and Losers |
Volume Leaders |
| + |
GE Capital Intl. Funding Co. 4.418% 11/15/2035 |
+ 0.0% |
| |
Comcast Corp. 4.7% 10/15/2048 |
+ 0.7% |
| - |
Bank of America Corp. 3.124% 1/20/2023 |
-0.1% |
|
JPMorgan Chase & Co. 3.964% 11/15/2048
CVS Health Corp. 4.1% 3/25/2025
|
| Industry Returns Tracker |
| Industry |
Past Day |
Past Week |
Past Month |
Past Quarter |
YTD |
Past Year |
| Agriculture, Forestry, Fishing |
-0.30% |
0.03% |
1.16% |
4.34% |
4.45% |
4.44% |
| Mining |
-0.15% |
0.14% |
1.72% |
4.73% |
5.83% |
4.56% |
| Construction |
-0.14% |
-0.21% |
1.05% |
3.46% |
3.59% |
4.33% |
| Manufacturing |
-0.10% |
0.01% |
1.27% |
3.78% |
4.04% |
3.95% |
| Transportion, Communication, Electric/Gas |
-0.13% |
-0.02% |
1.77% |
4.89% |
5.19% |
5.15% |
| Wholesale |
-0.04% |
0.13% |
1.24% |
4.15% |
4.85% |
4.20% |
| Retail |
-0.07% |
-0.03% |
1.24% |
4.02% |
4.19% |
4.25% |
| Finance, Insurance, Real-Estate |
-0.10% |
-0.05% |
0.81% |
3.21% |
3.49% |
4.56% |
| Services |
-0.07% |
-0.02% |
1.20% |
3.63% |
3.94% |
4.70% |
| Public Administration |
-0.06% |
-0.12% |
0.26% |
1.00% |
0.95% |
3.25% |
| Energy |
-0.19% |
0.05% |
1.65% |
4.95% |
5.89% |
5.03% |
| |
| Total returns (non-annualized) by rating, market weighted. |
|
| New Issues |
New Issues [Continued] |
| 1. PNC Financial Services Group Inc. (USD) 3.45% 4/23/2029 (04/16/2019): 1500MM Senior Unsecured Notes, Price at Issuance 99.84, Yielding 3.47%. 2. Wal-Mart Stores Inc. (USD) 3.05% 7/8/2026 (04/16/2019): 1250MM Senior Unsecured Notes, Price at Issuance 99.868, Yielding 3.07%. |
|
Additional Commentary
NEW ISSUANCE WATCH: on 4/17/19 participants welcome a $1500MM new corporate-bond offering by
Bank of America Corp.
The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/12/19, with a net inflow of $0.655B, year-to-date $13.3B flowed into high-yield.
| 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) |
Cable & Wireless Communication (5Y Sen USD CR14)
San Miguel Corp. (5Y Sen USD CR14) |
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Project Maple II BV, Trade Me Group LTD, Jane Street, Six Flags Inc., MW Industries Inc.
OVERALL CREDIT MARKET:
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 18 bp (basis points), as of 04/17/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Read More
Topics:
High Yield,
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
Finance,
Fixed Income,
News,
Syndicated Bonds,
syndicated,
research,
market update
JUNK BONDS SLIGHTLY EDGED OUT INVESTMENT-GRADE DEBT in net prices linked to actual trades. Equities slip as
healthcare stocks took a significant hit
on Wednesday amid the developing political environment surrounding healthcare.
UnitedHealth plummeted 7 percent in the past two days alone despite an earnings beat on Tuesday.
10-year Treasury note
rose 0.2 basis points
S&P -0.19%, DOW +0.06%, NASDAQ -0.05%
U.S. TRADE DEFICIT CONTRACTS TO AN EIGHT MONTH LOW in February as
imports from China narrowed 3.4 percent
. Economist suspect a trade deficit will remain high,
“Even if trade negotiations are resolved in such a way as to reduce the bilateral trade deficit with China…[it] would likely divert trade flows to other countries”.
The labor market remains strong, “
Wages grew moderately
in most districts for both skilled and unskilled workers, with only three reporting slight growth in workers’ pay”.
Pinterest is targeting an IPO price of $19
a share and will begin trading on Thursday $2 above the high end of the range.
ADI proprietary index data showed a net
yield increment for high-yield versus high-grade bonds. High-yield edged out high-grade. Among high-yield bonds showing topmost price gains at appreciable volumes traded,
Albertsons Inc. (USD) 7.45% 8/1/2029
made analysts' 'Conviction Buy' lists. (See the chart for
Albertsons Inc. bonds below.)
Corey Mahoney
cmahoney@advantagedata.com).
| Key Gainers and Losers |
Volume Leaders |
| + |
Sprint Nextel Corp. 6% 11/15/2022 |
+ 1.3% |
| |
General Motors Financial Co. Inc. 3.7% 11/24/2020 |
+ 0.5% |
| - |
HCA Inc. 5.625% 9/1/2028 |
-0.3% |
|
Sprint Nextel Corp. 7.875% 9/15/2023
HCA Inc. 5.5% 6/15/2047
|
| Industry Returns Tracker |
| Industry |
Past Day |
Past Week |
Past Month |
Past Quarter |
YTD |
Past Year |
| Agriculture, Forestry, Fishing |
-0.07% |
0.34% |
1.93% |
5.13% |
7.49% |
5.47% |
| Mining |
0.01% |
0.93% |
2.98% |
4.61% |
9.64% |
3.74% |
| Construction |
0.11% |
0.62% |
2.21% |
5.41% |
8.10% |
5.25% |
| Manufacturing |
0.07% |
0.50% |
1.62% |
4.91% |
7.68% |
5.81% |
| Transportion, Communication, Electric/Gas |
0.05% |
0.68% |
1.93% |
5.65% |
7.51% |
6.27% |
| Wholesale |
0.12% |
0.41% |
1.47% |
4.60% |
7.64% |
3.99% |
| Retail |
0.10% |
0.75% |
2.46% |
6.75% |
10.08% |
6.33% |
| Finance, Insurance, Real-Estate |
0.01% |
0.35% |
1.37% |
4.44% |
7.29% |
5.92% |
| Services |
0.01% |
0.45% |
1.56% |
4.49% |
7.64% |
6.60% |
| Public Administration |
0.12% |
-0.43% |
0.18% |
2.95% |
5.68% |
9.67% |
| Energy |
-0.03% |
1.10% |
2.91% |
4.96% |
9.40% |
3.08% |
| |
| Total returns (non-annualized) by rating, market weighted. |
|
| New Issues |
Forward Calendar |
| 1. Co-operative Bank PLC (GBP) 9.5% 4/25/2029 (04/17/2019):200MM Subordinated Notes. 2. Vizient Inc. (USD) 6.25% 5/15/2027 144A (04/17/2019): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. |
1. E.W. Scripps: $1.85B term loans and unsecured debt, Expected Q1 2019
2. Twinset Spa: ¬170M 5 year senior secured floating-rate notes, Expected Q1 2019
|
Additional Commentary
NEW ISSUANCE WATCH: on 4/17/19 participants welcome a $300MM new corporate-bond offering by
Vizient Inc.
The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/12/19, with a net inflow of $0.655B, year-to-date $13.3B flowed into high-yield.
| 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)
San Miguel Corp. (5Y Sen USD CR14) |
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading,
notable secondary activity:
- Project Maple II BV, Trade Me Group LTD, Jane Street, Six Flags Inc., MW Industries Inc.
OVERALL CREDIT MARKET:
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 18 bp (basis points), as of 04/17/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Read More
Topics:
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
News,
Syndicated Bonds,
syndicated,
research,
market update
GERMANY ONCE AGAIN CHOPS ITS 2019 GROWTH FORECAST for the second time in three months to 0.5 percent from 1 percent. Weak demand abroad has pushed
German manufacturing into a recessionmeanwhile domestic demand is booming aided by
record high employment. BDI Managing Director Joachim Lang acknowledges the state of the German economy,
“The best times for the economy are over”. The
10-year
Gilt rose 1.6 basis points.
FTSE 100 -0.04%,
German DAX +0.48%,
CAC 40 +0.49%,
STOXX Europe 600 +
0.07%
Read More
Topics:
Analytics,
bonds,
junk bonds,
bond market,
corporate bonds,
market analytics,
New Issues,
News,
research,
EU,
market update,
European
HIGH-YIELD BONDS OUTPACED INVESTMENT-GRADE in net prices linked to actual trades. Treasury prices dipped sending yields higher, the 10-year Treasury note rose 3.8 basis points and the 30-year notegained 2.4 basis points. Gold slid to its lowest point in 2019 as a risk-on appetite picks up sending equity indexes near record highs. S&P +0.14%, DOW +0.31%, NASDAQ +0.45%.
Read More
Topics:
High Yield,
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
Finance,
Fixed Income,
News,
Syndicated Bonds,
syndicated,
research,
market update
HIGH-YIELD BONDS OUTPACED INVESTMENT-GRADE
in net prices linked to actual trades. Treasury prices dipped sending yields higher, the
10-year Treasury note
rose 3.8 basis points and the
30-year note
gained 2.4 basis points
.
Gold
slid to its lowest point in 2019 as a risk-on appetite picks up sending equity indexes near record highs.
S&P
+0.14%,
DOW
+0.31%,
NASDAQ
+0.45%.
Read More
Topics:
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
News,
Syndicated Bonds,
syndicated,
research,
market update
U.K. WAGES GREW AT THE FASTEST PACE IN OVER A DECADE
increasing by 3.5 percent in the last quarter. Matt Hughes a labor market analyst stated
, "Earnings have now been growing ahead of inflation for over a year, but in real terms, wage levels have not yet returned to their pre-downturn peak."
Britain’s
unemployment hit a four-decade low
of 3.9 percent indicating the
Brexit stalemate
has not negatively impacted the labor market, in addition,
employment hit a new all-time
high
of 76.1 percent. The
UK 10-year Gilt
dipped 0.1 basis points.
FTSE 100 +0.52%,
German DAX +0.68%,
CAC 40 +0.33%,
STOXX Europe 600 +0.68%.
EUROPEAN EQUITIES ADVANCED FOR THE FIFTH CONSECUTIVE DAY lifted by bank and retail earnings,
“This optimism is really feeding into the European banking sector as well. When they will start to announce their earnings, the expectations are high…”
said Naeem Aslam, chief market analyst at TF Global Markets
. Italy significantly cuts its 2019 GDP forecast
to 0.1 percent from 1 percent and
increased its budget deficit
forecast to 2.5 percent, which
surpasses the allotted 2.04 percent
deficit issued by the European Union. Italy’s largest bank,
UniCredit SpA
, agreed to pay $1.3 billion to the U.S. Government pledging guilty to federal and state criminal charges using the U.S. financial system to
illegally move hundreds of millions of dollars in violation of U.S. sanctions on Iran.
ADI (Advantage Data Inc.) extensive corporate-bond index data showed a
net daily yield increment for high-grade versus high-yield constituents.
High-yield bonds edged out high-grade debt as of 3 PM, London time. Among European high-yield bonds showing a concurrence of top price gains at appreciable volumes traded,
Viacom Inc. (USD) 5.875% 2/28/2057 made some analysts' 'Conviction Buy' lists. (See the chart for
Viacom Inc. bonds below).
Corey Mahoney (
cmahoney@advantagedata.com).
Sovereign-Debt Snapshot
| Country |
Maturity (Y) |
Yield (%) |
Previous (%) |
Spread (bp) |
| Australia |
10 |
1.893 |
1.869 |
-66.5 |
|
| Belgium |
10 |
0.495 |
0.434 |
-206.2 |
|
| France |
10 |
0.402 |
0.334 |
-215.5 |
|
| Germany |
10 |
0.059 |
-0.007 |
-249.9 |
|
| Italy |
10 |
2.395 |
2.372 |
-16.2 |
|
| Japan |
10 |
-0.048 |
-0.059 |
-260.5 |
|
| Netherlands |
10 |
0.134 |
0.073 |
-242.3 |
|
| Portugal |
10 |
1.169 |
1.130 |
-138.8 |
|
| Spain |
10 |
1.053 |
1.009 |
-150.4 |
|
| Sweden |
10 |
0.264 |
0.228 |
-229.3 |
|
| U.K. |
10 |
1.214 |
1.150 |
-134.3 |
|
| U.S. |
10 |
2.557 |
2.498 |
... |
Credit-Default Swap Market
LATEST NEWS:
Top moves, sovereign tighteners (5Y): China 41 bp and Finland 12 bp. Sovereign wideners (5Y): France 27 bp and Germany 11 bp.
New Issuance
| New Issues |
New Issues [Continued] |
| 1. Basellandsch KTBK (CHF) 0.375% 5/13/2030 (04/15/2019):180MM Senior Unsecured Notes, Price at Issuance 100.865, Yielding .3%. |
|
ADI Indexes
DATA CHECK:
| iShares Core EUR UCITS |
iShares Euro High Yield UCITS |
| NAV as of 04/16/2019, 131.41 |
NAV as of 04/16/2019, 104.55 |
| Daily NAV Change (%) +0.03% |
Daily NAV Change (%) +0.11% |
OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of positive momentum, although conditions are expected to deteriorate hindered by the termination of quantitative easing, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat's unemployment rate: currently 7.8% (seasonally adjusted, February 2019)
- Eurostat's quarterly GDP: 0.2% (2018 Q3 Final)
- 6-month Euribor: current value -0.231%, as of 04/15/2019
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Read More
Topics:
Analytics,
bonds,
junk bonds,
bond market,
corporate bonds,
market analytics,
New Issues,
News,
research,
EU,
market update,
European
JUNK BONDS RETAIN A SLIGHT EDGE OVER INVESTMENT-GRADE DEBT in net prices linked to actual trades despite lackluster bank earnings. Goldman Sachs sank 3.41 percent upon releasing weaker than expected revenue for the first quarter, meanwhile, Citigroup reported a rise in profit by 2 percent from a year ago lifted by an expansion in U.S. consumer banking. “Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing,” stated Chief Executive Mike Corbat. 10-year Treasury note slipped 1.9 basis points. S&P -0.07%, DOW-0.11%, NASDAQ -0.07%.
Read More
Topics:
High Yield,
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
Finance,
Fixed Income,
News,
Syndicated Bonds,
syndicated,
research,
market update
JUNK BONDS RETAIN A SLIGHT EDGE OVER INVESTMENT-GRADE DEBT
in net prices linked to actual trades despite
lackluster bank earnings
. Goldman Sachs sank 3.41 percent upon releasing
weaker than expected revenue
for the first quarter, meanwhile,
Citigroup reported a rise in profit
by 2 percent from a year ago lifted by an
expansion in U.S. consumer banking
. “Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing,” stated Chief Executive Mike Corbat.
10-year Treasury note
slipped 1.9 basis points
. S&P
-0.07%,
DOW
-0.11%,
NASDAQ
-0.07%.
Read More
Topics:
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
News,
Syndicated Bonds,
syndicated,
research,
market update
RISK-ON SENTIMENT INTENSIFIED FOLLOWING A SLEW OF POSITIVE EARNINGS as the Dow Jones Industrial Average spiked 230 points. J.P. Morgan and Disney were among the companies that reported on Friday, J.P. Morgan announced the “impact of higher rates” elevated earnings, JPM closed 4.5 percent higher. Disney surged 11 percent after revealing a rival streaming service to Netflix. Economic concerns have dissipated, “Strength in [JPMorgan’s] consumer franchise shows that despite the uncertainty in the fourth quarter of last year, consumers continue to spend and give strength to the overall U.S. economy”. 10-year Treasury note rose 6.4 basis points. S&P +0.64%, DOW +0.96%, NASDAQ +0.44%.
Read More
Topics:
High Yield,
Investment Grade,
Loans,
Analytics,
bonds,
junk bonds,
bond market,
market analytics,
New Issues,
Finance,
Fixed Income,
News,
Syndicated Bonds,
syndicated,
research,
market update
.png)
