|Country||Maturity (Y)||Yield (%)||Previous (%)||Spread (bp)|
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Canadian Imperial Bank of Commerce (EUR) 0.375% 5/3/2024 (04/30/2019): 1000MM Senior Unsecured Notes.
2. Guardian Life Global Funding (USD) 2.9% 5/6/2024 Reg S (04/30/2019): 300MM Secured Notes, Price at Issuance 99.894, Yielding 2.92%.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 04/30/2019, 132.11||NAV as of 04/30/2019, 104.33|
|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 7.7% (seasonally adjusted, March 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1 Preliminary)
- 6-month Euribor: current value –0.231%, as of 04/29/2019
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