EUROZONE UNEMPLOYMENT TICKED LOWER FALLING TO 7.6 PERCENT for the month of April, down from 7 percent one year ago. Despite Italy’s 10.2 percent unemployment rate, the jobless rate breached 2008 lows. French telecom giant Bouygues announced an rise of 14 percent in first-quarter profit as margins increase in the result of large infrastructure contracts. Distressed Carige bank of Italy is struggling to any find interest in a merger or takeover as BPER Banca indicated conditions are not right. ADI (Advantage Data Inc.) extensive corporate-bond index data showed a net daily yield increment for high-grade versus high-yield constituents. High-
|Country||Maturity (Y)||Yield (%)||Previous (%)||Spread (bp)|
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
1. Aroundtown SA (JPY) 1.42% 5/23/2029 (06/04/2019): 7000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.42%.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 06/04/2019, 131.93||NAV as of 06/04/2019, 102.83|
|Daily NAV Change (%) +0.27%||Daily NAV Change (%) +0.37%|
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 Preliminary)
- 6-month Euribor: current value -0.254%, as of 06/03/2019
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