European Bond Research - September 9, 2019

Posted by Pierre Robert on Sep 9, 2019 1:55:15 PM
BRITISH POUND AND EURO GAINED AGAINST THE DOLLAR. Markets are mixed and watching Brexit deliberation in the coming days. FTSE 100 -0.64%, German DAX +0.28%, CAC 40 -0.27%, STOXX Europe 600 -0.28%.  The 10-year Gilt gained 8.5 basis points.


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SOVERIEGN YIELD CURVES WERE trading mixed to lower. Europe waiting on Brexit and US/China trade war. (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,  Lloyds Banking Group PLC (USD) 4.55% 8/16/2028 made some analysts' 'Conviction buy' lists. (See the chart for Lloyds Banking Group PLC  bonds below). Pierre Robert


Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Korea 30.22 bp and Swedan 10.11 bp. Sovereign wideners (5Y): Denmark 10.11 bp and Finland 10.975 bp.

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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.

(None Current 09/09/2019)



ADI Indexes

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iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 09/09/2019, 134.81 NAV as of 09/09/2019, 106.09
Daily NAV Change (%) -0.24% Daily NAV Change (%) -0.08%

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 -0.423%, as of 09/06/2019

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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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