STOCKS INITIALLY FELL ON FRIDAY following weak industrial growth from China surprising investors reporting a 17-year low. “The China data certainly is far-reaching, impacting not only China but global markets as well.” Investors will keep a keen eye on the Feds meeting next week speculating on a rate cut. The 10-year note lost 0.1 basis points. Equities recovered in the afternoon from China's disappointing data, S&P +0.03%, DOW +0.14, NASDAQ -0.28%.
Key Gainers and Losers | Volume Leaders | |||||||||
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Verizon Communications Inc. 4.125% 3/16/2027 Cisco Systems Inc. 2.2% 2/28/2021 |
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New Issues | New Issues [Continued] |
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1. Canadian Imperial Bank of Commerce (CAD) 2.95% 6/19/2029 (06/13/2019): 1500MM Subordinated Notes, Price at Issuance 99.995, Yielding 2.95%. 2. Fengate Central Health, LP (CAD) 3.365% 2/28/2051 (06/13/2019):69MM Secured Notes, Price at Issuance 100, Yielding 3.37%. |
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Additional Commentary
Top Widening Credit Default Swaps (CDS) | Top Narrowing Credit Default Swaps (CDS) |
Hertz Corp. (5Y Sen USD MR14) Hertz Corp. (5Y Sen USD XR14) |
SuperValu Inc. (5Y Sen USD MR14) San Miguel Corp. (5Y Sen USD CR14) |
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:Deals recently freed for secondary trading, notable secondary activity:
- Perforce Software Inc., Avantor Performance Materials Inc., United PF Holdings LLC
- TED spread held below 24 bp (basis points), as of 06/14/19
- Net positive capital flows into high-yield ETFs & mutual funds
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