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European Bond Research – November 25, 2019

Posted on November 25, 2019
November 25, 2019

Bond Markets

CHINA SHOWED A WILLINGNESS TO CRACKDOWN ON INTELLECTUAL PROPERTY RIGHTS VIOLATIONS. China issued new guidance on penalties in the event IP violations occur. The market took that development to mean that representatives are making headway in the trade war.  FTSE 100 +0.95%, German DAX +0.63%, CAC 40 +0.54%, STOXX Europe 600 +1.02%.  The 10-year Gilt down 0.8 basis points.

MOST OF THE MAJOR EUROPEAN SOVEREIGN BOND CURVES STEEPEN TODAY. Shorter duration bond yields were down slightly while longer duration bonds yields went up. (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,  Mylan Inc. (USD) 4.2% 11/29/2023  made some analysts ‘Conviction buy’ lists. (See the chart for Mylan Inc. bonds below). Pierre Robert

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Finland 10.95 France 18.53. Sovereign wideners (5Y):  Denmark  8.87 and Korea 28.38 .

New Issuance

New Issues New Issues [Continued]
1. Raiffeisen Bank Intl. AG (EUR) 0.7% 12/6/2029 (11/25/2019): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding .7%.

ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 11/25/2019, 134.07 NAV as of 11/25/2019, 103.91
Daily NAV Change (%) +0.1% Daily NAV Change (%) +0.25%

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 –0.335%, as of 11/22/2019

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