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European Bond Research – March 2, 2020

Posted on March 2, 2020
March 2, 2020
Bond Markets

EUROPEAN MARKETS AND US MARKETS WERE MIXED EARLY. LATER IN THE DAY MARKETS LAUNCHED UP TO 4-5 %.   FTSE 100 +1.10%, German DAX +1.17%, CAC 40 -0.44%, STOXX Europe 600 -0.71%.  The 10-year Gilt was down 5.1bps.

CORONA VIRUS UPDATE: CHINA TO DATE HAS HAD 90000+ CASES AND 3200+ DEATHS. THE VIRUS SEEMS TO BE SLOWING DOWN AS NEW CASES AND DEATHS SEEM TO BE ACCELERATING INTERNATIONALLY.   (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,  Bombardier Inc. (USD) 7.5% 12/1/2024 Reg S made some analysts ‘Conviction buy’ lists. (See the chart for Bombardier Inc. bonds below). Pierre Robert

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): China 45.35, Greece 140.93. Sovereign wideners (5Y):  Finland 9.97 and Ireland 20.99.

New Issuance

New Issues New Issues [Continued]

(None Current 03/02/2020)
ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 03/02/2020, 134.12 NAV as of 03/02/2020, 102.61
Daily NAV Change (%) +0.41% Daily NAV Change (%) +0.1%

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, November 2019)
  • Eurostat’s quarterly GDP: 0.4% (2019 Q4)
  • 6-month Euribor: current value –0.386%, as of 02/28/2020.

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