HEAD OF DEUTSCHE BANK, GARTH RITCHIE, AGREED TO STEP DOWN on Friday as Germany's largest lender prepares a multi-billion dollar restructuring. Chief Executive Christian Sewing will represent the investment bank on Deutsche Bank's board following the departure. Meanwhile, six major banks of the Nordic region announced the creation of a customer checking centre as an effort to crack down onmoney launderers as this has become a high profile issue. The revamped version of the Euribor interest rate benchmark has been approved in an effort for the euro to catch up with reforms aimed to protect against another global rate-rigging scandal. ADI (Advantage Data Inc.). Extensive corporate-bond index data showed a net daily yield increment for high-yield versus high-grade constituents. High-
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
1. Eiffage SA (EUR) FLT% 7/9/2021 (07/05/2019): 50MM Senior Unsecured Notes, Price at Issuance 100.
2. Marks & Spencer Group PLC (GBP) 3.25% 7/10/2027 (07/05/2019): 250MM Senior Unsecured Notes.
3. Schneider Electric (EUR) 0.25% 9/9/2024 (07/05/2019): 200MM Senior Unsecured Notes.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 07/05/2019, 134.46||NAV as of 07/05/2019, 105.6|
|Daily NAV Change (%) -0.21%||Daily NAV Change (%) -0.09%|
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 7.7% (seasonally adjusted, March 2019)
- Eurostat's quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value -0.338%, as of 07/04/2019
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