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European Bond Research – January 17, 2020

Posted on January 17, 2020
January 17, 2020
Bond Markets

STOCKS WERE UP AND SOVEREIGN BONDS WERE LOWER. STOCKS CONTINUE THEIR RUN AFTER MULTIPLE TRADE DEALS SIGNED. FTSE 100 +0.85%, German DAX +0.72%, CAC 40 +1.02%, STOXX Europe 600 +0.96%.  The 10-year Gilt was down 1.2 basis points.

TRUMP AND TEAM START TO PREPARE FOR SENATE TRIAL WHICH IS SLATTED TO BEGIN NEXT TUESDAY, JANUARY 21ND.   (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,  Millicom Intl. Cellular SA (USD) 6% 3/15/2025 Reg S  made some analysts ‘Conviction buy’ lists. (See the chart for Millicom Intl. Cellular SA bonds below). Pierre Robert

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): China 29.72 and Greece 122.25. Sovereign wideners (5Y):  Finland 11.07 and Ireland 22.25.

New Issuance

New Issues New Issues [Continued]
1. Muenchener Hypothekenbank (CHF) 0.1% 12/17/2025 (01/16/2020): 240MM Senior Non Preferred Notes, Price at Issuance 100.258, Yielding .06%.

2. New York Life Global Funding (EUR) 0.25% 1/23/2027 (01/16/2020): 800MM Secured Notes.

3. Ibercaja Banco SA (EUR) 2.75% 7/23/2030 (01/16/2020): 500MM Subordinated Notes.

ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 01/17/2020, 134.02 NAV as of 01/17/2020, 106.12
Daily NAV Change (%) +0.06% Daily NAV Change (%) +0.08%

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 –0.330%, as of 01/16/2020

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