European Bond Research - September 10, 2019

Posted by Pierre Robert on Sep 10, 2019 12:13:41 PM
BORIS JOHNSON lost a key vote and his no-deal Brexit deal looks very remote. Also, sovereigns were noticeably higher as government stimulus starts flowing into the market. FTSE 100 +0.37%, German DAX +0.27%, CAC 40 -0.05%, STOXX Europe 600 -0.14%. The 10-year Gilt gained 4.3 basis points.


unnamed - 2019-09-10T120954.400

NISSAN CEO OUSTED for taking extra pay. He is a key opponent to the Fiat deal. The independent board is still uncertain about deal with Fiat and Renault alliance.  (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,  Renault SA (EUR) 3.125% 3/5/2021 made some analysts' 'Conviction buy' lists. (See the chart for Renault SA  bonds below). Pierre Robert


Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Italy 144.62bp and Sweden 10.11 bp. Sovereign wideners (5Y): Spain 40.65 bp and France 10.79 bp.

unnamed - 2019-09-10T120952.237

New Issuance

New Issues New Issues [Continued]

1. Independent Oil & Gas PLC (EUR) FLT% 9/20/2024 (09/09/2019): 100MM First Lien Notes, Price at Issuance 100.


ADI Indexes

unnamed - 2019-09-10T120949.747

iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 09/10/2019, 134.66 NAV as of 09/10/2019, 105.87 
Daily NAV Change (%) -0.11% Daily NAV Change (%) -0.22%

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 -0.413%, as of 09/09/2019

Copyright 2019 Advantage Data Inc. All Rights Reserved.

Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.

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

Are you using AdvantageData?

AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:

  • 500,000+ U.S. and international corporate bonds
  • Over 6,200+ CDS reference entities
  • Over 22,000+ syndicated loans
  • Over 100 equity markets worldwide
  • One platform 16 products and services from debt to CDS to loans to mid-market
  • Used by top buy and sell-side firms worldwide

Subscribe to Email Updates

Recent Posts