DEUTSCHE BANK REPORTEDLY SLASHING 20,000 JOBS over the next year-and-a-half accounting for more than a sixth of their workforce globally. The bank announced it is “working on measures to accelerate its transformation” to stabilize and turn all divisions of bank profitable. In 2018 the bank's global equity operations lost a staggering 750 million euros. On Thursday, the US subsidiary of Deutsche passed the Federal Reserve stress test which last year it failed due to deficiencies in capital planning and risk controls. 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. Samhallsbyggnadsbolaget (SEK) FLT% 7/5/2021 (06/27/2019):300MM Senior Unsecured Notes, Price at Issuance 100.
2. Intesa Sanpaolo SPA (EUR) 1.75% 7/4/2029 (06/27/2019):1000MM Senior Preferred Security, Price at Issuance 99.266, Yielding 1.831%.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 06/28/2019, 133.94||NAV as of 06/28/2019, 105.14|
|Daily NAV Change (%) +0.06%||Daily NAV Change (%) +0.26%|
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 -0.313%, as of 06/27/2019
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