SAFE-HAVEN ASSETS SOARED WHILE EQUITIES TUMBLED ON FRIDAY following the White House announcing tariffs on Mexican goods. The 10-year note plummeted 8.2 basis points, shedding 18 basis points this past week slipping to 20-month lows. JPMorgan predicts there will be two interest rate cuts by the end of the year given the new tariff threats. S&P -1.32%, DOW +1.41, NASDAQ -1.51%.
|Key Gainers and Losers||Volume Leaders|
|Citibank NA 3.05% 5/1/2020
General Motors Co. 5.95% 4/1/2049
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Southern California Gas (USD) 3.95% 2/15/2050 (05/31/2019):350MM Secured Notes, Price at Issuance 99.757, Yielding 3.96%.
2. Bank of New York Mellon, The (USD) 2.783% 6/4/2021 (05/31/2019): 1250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.78%.
|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)
|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:
- Tundra Energy Marketing , Louis Dreyfus Corp., Service Corp. Intl., Lucid Energy Group LLC
- TED spread held below 16 bp (basis points), as of 05/31/19
- Net positive capital flows into high-yield ETFs & mutual funds
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