U.S. STOCKS DECLINED AGAIN WEDNESDAY as trade worries continued and more investors moved into government bonds. The Treasury yield curve has reached its deepest inversion since 2007, with the 3-month yield topping the 10-year by almost 10 basis points. Amidst the yield curve predicting economic downturn, all three major indices fell today. S&P -0.69%, DOW -0.87%, NASDAQ -0.79%.
|Key Gainers and Losers||Volume Leaders|
|Citibank NA 3.05% 5/1/2020
Verizon Communications Inc. 4.862% 8/21/2046
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Mastercard Inc. (USD) 3.65% 6/1/2049 (05/29/2019): 1000MM Senior Unsecured Notes, Price at Issuance 99.855, Yielding 3.66%.
2. Bank of America Corp. (USD) 3% 5/30/2024 (05/29/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3%.
|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 XR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market OverviewSYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Louis Dreyfus Corp., Service Corp. Intl., Lucid Energy Group LLC
- TED spread held below 18 bp (basis points), as of 05/29/19
- Net positive capital flows into high-yield ETFs & mutual funds
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