European Bond Research - August 26, 2019

Posted by Pierre Robert on Aug 26, 2019 4:57:47 PM
BONDS AND STOCKS worldwide were noticeably calmer. Sovereign bonds were mixed to higher. US and China are expected to resume talks. FTSE 100 -0.47%, German DAX +0.04%, CAC 40 +0.1%, STOXX Europe 600 -0.04%.  The 10-year Gilt +0.0 basis points.

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DEUTSCHE BANK and UBS are talking about combining their investment banking operations. This would be a last ditch effort to avert sell off of all of their investment banking operations in the USA.  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,  Deutsche Bank AG (USD) FLT% 3/15/2033 made some analysts' 'Conviction buy' lists. (See the chart for Deutsche Bank AG bonds below). Pierre Robert


Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Korea 32.31 bp and Italy 187.81 bp. Sovereign wideners (5Y):  Denmark 11.295 bp and Belgium 20.475bp.

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New Issuance

New Issues New Issues [Continued]

(None Current 08/26/2019)



ADI Indexes

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iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 08/26/2019, 135.63 NAV as of 08/26/2019, 105.66
Daily NAV Change (%) +.05% Daily NAV Change (%) -.02%

The euro-zone economy shows signs of negative momentum, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
  • Eurostat's unemployment ratecurrently 7.5% (seasonally adjusted, May 2019)
  • Eurostat's quarterly GDP: 0.4% (2019 Q1)
  • 6-month Euribor: current value -0.418%, as of 08/26/2019

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Topics: High Yield, Investment Grade, Loans, Analytics, bonds, junk bonds, bond market, market analytics, New Issues, Finance, Fixed Income, News, Syndicated Bonds, syndicated, research, market update

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