European Bond Research – April 17, 2019Posted on April 17, 2019
|Country||Maturity (Y)||Yield (%)||Previous (%)||Spread (bp)|
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Navig8 Topco Hldg Inc. (USD) 12% 5/3/2023 (04/16/2019): 100MM Secured Notes, Price at Issuance 100, Yielding 12%.
2. WMG Acquisition Corp. (EUR) 3.625% 10/15/2026 (04/16/2019):195MM Secured Notes, Price at Issuance 103.875, Yielding 3.04%.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 04/17/2019, 131.39||NAV as of 04/17/2019, 104.63|
|Daily NAV Change (%) -0.08%||Daily NAV Change (%) +0.02%|
OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of positive momentum, although conditions are expected to deteriorate hindered by the termination of quantitative easing, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat’s unemployment rate: currently 7.8% (seasonally adjusted, February 2019)
- Eurostat’s quarterly GDP: 0.2% (2018 Q3 Final)
- 6-month Euribor: current value –0.232%, as of 04/16/2019
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