INVESTMENT GRADE BONDS ROSE AGAINST HIGH YIELDING DEBT in net prices linked to actual trades. The 10-year note lost 6.4 basis points settling at its lowest since October 2017. Equities settled lower and gave up gains following the threat of a trade war escalation with China. S&P -0.85%, DOW-0.93%, NASDAQ -0.39%.
|Key Gainers and Losers||Volume Leaders|
|General Motors Co. 5.95% 4/1/2049
Goldman Sachs Group Inc. VAR% 5/1/2029
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Pennsylvania Electric Co. (USD) 3.6% 6/1/2029 144A (05/28/2019):300MM Senior Unsecured Notes, Price at Issuance 99.809, Yielding 3.62%.
2. Atlas Capital Uk 2019 PLC (USD) FLT% 6/7/2023 (05/28/2019):250MM Unsecured Notes, Price at Issuance 100.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD XR14)
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:
- Service Corp. Intl., Lucid Energy Group LLC, Southern California Edison Co.
- TED spread held below 19 bp (basis points), as of 05/28/19
- Net positive capital flows into high-yield ETFs & mutual funds
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