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European Bond Research – January 14, 2020

Posted on January 14, 2020
EUROPEAN BOND RESEARCH
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


DATA CHECK:

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%

OVERALL EUROPEAN CREDIT MARKET:
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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