MANUFACTURING IN MAY EXPANDED AT ITS SLOWEST RATE in over two years slipping to 52.1 from 52.8 from April. The sentiment downturn is linked to recent trade threats made by the White House and indications pointing to a slowing global economy. The sector is also being hindered by responses from countries following increased tariffs from the US. The 10-year note further fell 5.6 basis points. S&P-0.61%, DOW -0.30%, NASDAQ -1.97%.
|Key Gainers and Losers||Volume Leaders|
|CVS Health Corp. 5.05% 3/25/2048
Microsoft Corp. 2.375% 2/12/2022
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Public Service Enterprise Group (USD) 2.875% 6/15/2024 (06/03/2019): 750MM Senior Unsecured Notes, Price at Issuance 99.953, Yielding 2.88%.
2. Home Depot Inc. (USD) 2.95% 6/15/2029 (06/03/2019): 1000MM Senior Unsecured Notes, Price at Issuance 99.426, Yielding 3.02%.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Weatherford International LTD (5Y Sen USD XR14)
Hertz Corp. (5Y Sen USD CR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Charles Schwab Corp., Tundra Energy Marketing , Louis Dreyfus Corp.
- TED spread held below 17 bp (basis points), as of 06/03/19
- Net positive capital flows into high-yield ETFs & mutual funds
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