TOP BANKERS BACK LONDON AS FINANCIAL HUB whatever Brexit outcome may be. Barclays chairman John McFarlane stated, “He is confident that London would remain a global financial center, it is imperative we avoid a no-deal Brexit."  Norman Blackwell, Chairman of Lloyds said, “Brexit is an opportunity for regulatory stability.”  Consumer spending has been a source of strength for the economy, Thursday’s data resonated sales volumes in February rose 0.4 percent.  Falling inflation, a steady rise in wages and the lowest unemployment since 1975 have “boosted” household incomes over the past year. 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, BP Capital Markets Plc (USD) 3.814% 2/10/2024 made some analysts' 'Conviction Buy' lists. (See the chart for BP Capital Markets Plc bonds below). Niral Mehta (nmehta@advantagedata.com).

Country	Maturity (Y)	Yield (%)	Previous (%)	Spread (bp)
Australia	10	1.948	1.945	-59.1
Belgium	10	0.525	0.538	-201.4
France	10	0.455	0.471	-208.3
Germany	10	0.086	0.099	-245.3
Italy	10	2.518	2.489	-2.1
Japan	10	-0.035	-0.045	-257.4
Netherlands	10	0.173	0.194	-236.5
Portugal	10	1.314	1.302	-122.5
Spain	10	1.157	1.174	-138.2
Sweden	10	0.325	0.333	-221.4
U.K.	10	1.158	1.188	-138.1
U.S.	10	2.539	2.619	...

New Issues	New Issues [Continued]
1. Royal Bank of Scotland Group PLC (USD) 4.269% 3/22/2025 (03/20/2019): 2000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.27%. 2. Nykredit Realkredit AS (EUR) 0.5% 1/19/2022 (03/20/2019): 75MM Senior Non Preferred Notes. 3. Skipton Building Society (GBP) FLT% 2/22/2024 (03/20/2019):600MM Secured Notes.

DATA CHECK:

iShares Core EUR UCITS	iShares Euro High Yield UCITS
NAV as of 03/21/2019, 130.63	NAV as of 03/21/2019, 102.92
Daily NAV Change (%) +0.14%	Daily NAV Change (%) +0.10%

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 7.8% (seasonally adjusted, January 2019)
• Eurostat's quarterly GDP: 0.2% (2018 Q3 Final)
• 6-month Euribor: current value -0.231%, as of 03/20/2019

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