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European Bond Research – November 6, 2019

Posted on November 6, 2019
November 6, 2019
Bond Markets

ELECTIONS FROM KENTUCKY, VIRGINIA, AND THE SOUTH possibly indicate that foreign influence is playing a factor in the current and future elections. FTSE 100 +0.12%, German DAX +0.24%, CAC 40 +0.34%, STOXX Europe 600 +0.21%.  The 10-year Gilt Rose 6.0 basis points.

RAND PAUL DECIDED TO PUSH HARD TO DETERMINE SPECIAL ELECTIONS. Most elections were decided  anti-Trump.  (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,  Fiat Chrysler Automobiles NV (USD) 5.25% 4/15/2023 made some analysts ‘Conviction buy’ lists. (See the chart for Fiat Chrysler Automobiles NV bonds below). Andrew Robartes

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Spain 34.24 and Sweden 10.61. Sovereign wideners (5Y):  France 18.91 and Denmark 10.255.

New Issuance

New Issues New Issues [Continued]
1. BNP Paribas (EUR) 0% 11/8/2022 (11/05/2019): 135MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.

2. Samhallsbyggnadsbolaget (SEK) 1.072% 5/11/2023 (11/05/2019): 600MM Senior Unsecured Notes, Price at Issuance 100.

ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 11/06/2019, 134.40 NAV as of 11/05/2019, 103.7
Daily NAV Change (%) -0.03% 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 –0.344%, as of 11/05/2019

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