RENAULT BONDS continue to rally on the prospect that a deal is possible with Fiat. Renault is currently negotiating with Nissan to see how a deal would be created. ADI (Advantage Data Inc.). Extensive corporate-bond index data showed a net daily yield increment for high-grade versus high-yield constituents. High-grade bonds edged out high-yield debt as of 3 PM, London time. Among European high-grade bonds showing a concurrence of top price gains at appreciable volumes traded, Renault SA (EUR) 3.125% 3/5/2021 made some analysts' 'Conviction Buy' lists. (See the chart for (Renault SA (EUR) 3.125% 3/5/2021 below). Pierre Robert
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
1. Nordea Bank AB (NOK) FLT% 8/12/2022 (08/05/2019): 1400MM Senior Unsecured Notes.
2. RLB Oberoesterreich (EUR) FLT% 9/30/2026 (08/06/2019): 50MM Senior Unsecured Notes, Price at Issuance 100.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 08/06/2019, 134.75||NAV as of 08/06/2019, 104.62|
|Daily NAV Change (%) +0.07%||Daily NAV Change (%) +0.21%|
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 7.5% (seasonally adjusted, May 2019)
- Eurostat's quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value -0.369%, as of 08/05/2019
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