STOCKS DECLINED AGAIN ON THURSDAY as a week of uncertainty over U.S.-China trade relations continues. The world's two largest economies have yet to strike a trade deal, but proceedings have officially begun to increase tariffs on Chinese imports from 10% to 25%. In the midst, the Dow Jones dropped 139 points. 10-Year U.S. Treasury Notes fell 3 basis points. S&P -0.30%, Dow -0.54% , NASDAQ -0.41%.
|Key Gainers and Losers||Volume Leaders|
|GE Capital Intl. Funding Co. 4.418% 11/15/2035
Comcast Corp. 4.95% 10/15/2058
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. American Honda Finance Corp. (USD) FLT% 5/13/2020 (05/08/2019): 300MM Senior Unsecured Notes, Price at Issuance 100.
2. Bristol-Myers Squibb Co. (USD) 3.4% 7/26/2029 144A (05/08/2019): 4000MM Senior Unsecured Notes, Price at Issuance 99.175, Yielding 3.5%.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|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:
- Rikshem AB, Broadcom LTD, Verifone Inc., Twin River Management Group Inc.
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 12 bp (basis points), as of 05/09/19
- Net positive capital flows into high-yield ETFs & mutual funds
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