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European Bond Research – November 12, 2019

Posted on November 12, 2019
November 12, 2019
Bond Markets

NIGEL FARAGE OF THE BREXIT PARTY agreed to not contest any conservative party candidates for the Dec 12th election. He has stated that they will contest all Labor party candidates for that election. FTSE 100 +0.4%, German DAX +0.52%, CAC 40 +0.21%, STOXX Europe 600 +0.24%.  The 10-year Gilt gained .3 basis points.

ACROSS MUCH OF THE G-20 SOVEREIGN BONDS THE CURVES ARE STEEPENING. Though many yields are still negative, longer term bonds are slowly reaching zero and above. (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,  Petrobras Global Finance BV (USD) 8.375% 5/23/2021 made some analysts ‘Conviction buy’ lists. (See the chart for Petrobras Global Finance BV bonds below). Pierre Robert

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Spain 34.625 and Sweden 10.76. Sovereign wideners (5Y):  Germany 9.16 and Denmark 9.68.

New Issuance

New Issues New Issues [Continued]

(None Current 11/12/2019)
ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 11/12/2019, 133.83 NAV as of 11/08/2019, 103.83
Daily NAV Change (%) -0.09% Daily NAV Change (%)+0.10%

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 11/08/2019

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