THE GAP BETWEEN JOB OPENINGS AND THE UNEMPLOYED WIDENED by the largest margin ever in April. Job openings in education, retail, and construction far exceeded the number of unemployed Americans, at the end of April there were 7.449 million unfilled jobs. Gold retreated after nine consecutive sessions of gains, settling 1.3 percent lower as U.S. and Mexico trade tensions regress. The 10-year note rose 6.0 basis points. S&P +0.56%, DOW +0.43, NASDAQ +1.18%.
|Key Gainers and Losers||Volume Leaders|
|United Technologies Corp. 4.625% 11/16/2048
General Motors Co. 5.95% 4/1/2049
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. HSBC Bank Canada (CAD) 2.253% 9/15/2022 (06/10/2019):1000MM Senior Unsecured Notes, Price at Issuance 100.001, Yielding 2.25%.
2. AEP Transmission Co. (USD) 3.8% 6/15/2049 (06/10/2019):350MM Senior Unsecured Notes, Price at Issuance 99.556, Yielding 3.82%.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD CR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|SuperValu Inc. (5Y Sen USD MR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- United PF Holdings LLC, Packers Holdings, Charles Schwab Corp., Tundra Energy Marketing
- TED spread held below 15 bp (basis points), as of 06/07/19
- Net positive capital flows into high-yield ETFs & mutual funds
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