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European Bond Research – November 1, 2019

Posted on November 1, 2019
November 1, 2019
Bond Markets

EUROPEAN STOCKS WERE UP TODAY amid the Brexit stalemate. All parties are mobilizing for the December vote. All are putting their agenda forward. FTSE 100 +0.55%, German DAX +0.81%, CAC 40 +0.67%, STOXX Europe 600 -+0.70%.  The 10-year Gilt Rose 1.3 basis points.

SOVEREIGN BONDS WERE HIGHER. Stocks and bond yields were higher in the hopes trade tension would be abating. (Advantage Data Inc.).  Extensive corporate-bond index data showed a net daily grade increment for high-grade versus high-yield constituents. High-grade bonds edged out high-yield debt as of 3 PM, London time.  Among European high-grade bonds showing a concurrence of top price gains at appreciable volumes traded,  Ingersoll-Rand Co. LTD (USD) 3.55% 11/1/2024 made some analysts ‘Conviction buy’ lists. (See the chart for Ingersoll-Rand Co. LTD bonds below). Pierre Robert

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Spain 34.67 and Sweden 10.67. Sovereign wideners (5Y):  Greece 157.645 and Germany 9.295.

New Issuance

New Issues New Issues [Continued]
1. Daimler Canada Finance (NOK) 2.25% 11/7/2022 (10/31/2019): 750MM Senior Unsecured Notes.

(None Current 11/01/2019)
ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 11/01/2019, 134.57 NAV as of 11/01/2019, 103.32
Daily NAV Change (%) +0.04% 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 –0.337%, as of 10/31/2019

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