European Bond Research - October 21, 2019

Posted by Pierre Robert on Oct 22, 2019 11:55:06 AM
BREXIT NEGOTIATION STILL GOING ON. Boris trying to pass a deal. October 31st deadline still looming. FTSE 100 +0.18%, German DAX +0.91%, CAC 40 +0.21%, STOXX Europe 600 +0.61%. The 10-year Gilt was up 4.2 bps.

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CONTINUED TRUMP IMPEACHMENT SAGA. WONDER IF ACTING CHIEF WILL BE REPLACED. REPUBLICANS WONDERING HOW THIS THIS WILL END! (Advantage Data Inc.).  Extensive corporate-bond index data showed a net daily grade 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,  ArcelorMittal SA (USD) 6.125% 6/1/2025 made some analysts 'Conviction buy' lists. (See the chart for ArcelorMittal SA bonds below). Pierre Robert


Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Belgium 18.16 bp and Denmark  10.52 bp. Sovereign wideners (5Y):Italy  110.025 bp and Ireland 30.36 bp.

New Issuance

New Issues New Issues [Continued]

1. JP Morgan Chase & Co. (USD) 0% 10/30/2049 (10/21/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.

2. LGT Bank (CHF) 0.375% 11/15/2029 (10/21/2019): 160MM Senior Non Preferred Notes, Price at Issuance 100.221, Yielding .35%.


ADI Indexes

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iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 10/21/2019, 134.08 NAV as of 10/21/2019, 103.58
Daily NAV Change (%)-0.15% Daily NAV Change (%) -0.01%

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 -0.351%, as of 10/18/2019

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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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