ASTON MARTIN LUXURY AUTOMAKER BASED IN THE UK nose-dived 17 percent after reporting a 78.8 million pound loss during the first six months of 2019. Aston Martin bonds also traded notably lowersome shedding more than 5 points over the past week. “We are disappointed that our projections for wholesales have fallen short or our original targets, impacted by weakness in two of our key markets as well as continued macro-economic uncertainty.” Aston Martin Capital Ltd. (USD) 6.5% 4/15/2022 Reg S 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, LyondellBasell Industries (USD) 4.625% 2/26/2055 made some analysts' 'Conviction Buy' lists. (See the chart for Aston Martin bonds below). Corey Mahoney (cmahoney@
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
1. Contourglobal Power Hldg SA (EUR) 4.125% 8/1/2025 (07/31/2019): 100MM First Lien Notes.
2. BNP Paribas (EUR) 0% 8/12/2022 (07/31/2019): 205MM Senior Unsecured Notes, Price at Issuance 100.423, Yielding -.14%.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 07/31/2019, 134.93||NAV as of 07/31/2019, 105.25|
|Daily NAV Change (%) +0.01%||Daily NAV Change (%) -0.03%|
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 -0.355%, as of 07/30/2019
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