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European Bond Research – January 14, 2020

Posted on January 14, 2020
January 14, 2020

Bond Markets

STOCKS ARE MIXED TO LOWER. SOVEREIGN BONDS ARE LOWER TOO. BOTH ARE WAITING FOR THE PHASE 1 AGREEMENT TO BE SIGNED TOMORROW.  FTSE 100 +0.05%, German DAX +0.02%, CAC 40 +0.09%, STOXX Europe 600 +0.24%.  The 10-year Gilt was down 2.8 basis points.

JPMORGAN POSTS BEST RESULTS EVER BASED ON TRADING RESULTS. Jamie Dimon plans on staying 5 more years.  (Advantage Data Inc.). Extensive corporate-bond index data showed a net daily grade increment for high-grade versus high-yield constituents. High-yield bonds edged out high-grade debt as of 3 PM, London time.  Among European high-yield bonds showing a concurrence of top price gains at appreciable volumes traded,  Electricite de France (USD) 4.75% 10/13/2035 Reg S  made some analysts ‘Conviction buy’ lists. (See the chart for Electricite de France bonds below). Pierre Robert

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Greece 118.46  and Spain 41.3. Sovereign wideners (5Y):  Finland 11.23 and Ireland 22.

New Issuance

New Issues New Issues [Continued]

(None Current 01/14/2020)

ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 01/14/2020, 134.11 NAV as of 01/14/2020, 105.79
Daily NAV Change (%) +0.01% Daily NAV Change (%) -0.06%

The euro-zone economy shows signs of negative momentum, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:

  • Eurostat’s unemployment ratecurrently 7.5% (seasonally adjusted, May 2019)
  • Eurostat’s quarterly GDP: 0.4% (2019 Q1)
  • 6-month Euribor: current value –0.324%, as of 01/13/2020

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