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European Bond Research – November 8, 2019

Posted on November 8, 2019
November 8, 2019
Bond Markets

G-20 SOVEREIGN BOND YIELDS WERE lower. Stocks were also lower. FTSE 100 -0.63%, German DAX -0.46%, CAC 40 -0.02%, STOXX Europe 600 -0.41%.  The 10-year Gilt lost .4 basis points.

TRADE TALKS APPEAR TO BE STALLED AGAIN BETWEEN CHINA AND THE US. Stocks and bonds take a hit. (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). Pierre Robert

Credit-Default Swap Market

LATEST NEWS: Top moves, sovereign tighteners (5Y): Spain 33.95 and Sweden 10.85. Sovereign wideners (5Y):  France 18.85 and Denmark 9.68.

New Issuance

New Issues New Issues [Continued]
1. Apple Inc. (EUR) 0.5% 11/15/2031 (11/07/2019): 1000MM Senior Unsecured Notes, Price at Issuance 99.248, Yielding .565%.

2. Dufry One BV (EUR) 2% 2/15/2027 (11/07/2019): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2%.

ADI Indexes


iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 11/08/2019, 134.09 NAV as of 11/08/2019, 103.80
Daily NAV Change (%) +0.02% Daily NAV Change (%)-0.04%

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 –0.334%, as of 11/07/2019

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