JUNK BONDS ROSE AGAINST INVESTMENT GRADE DEBT as investors anticipate a sound jobs report showing growth despite the rocky start to 2019. Gold edged lower as positive Chinese economic data revealed industrial firms reported a rise in profits for the first time in four months. The S&P 500 and NASDAQ closed at record highs lifted by more positive earnings. The 10-year note rose 2.6 basis points. S&P +0.11%, DOW +0.04%, NASDAQ +0.19%.
Investment Grade Bond Research – April 29, 2019Posted on April 29, 2019
|Key Gainers and Losers||Volume Leaders|
|Toyota Motor Credit Corp. 1.95% 4/17/2020
Baker Hughes Inc. 4.08% 12/15/2047
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
(None Current 04/29/2019)
Sector RE V LTD. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/26/19, with a net outflow of $0.520B, year-to-date $13.8B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD CR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- JBS USA LLC, Sundyne US Purchaser, Prysmian, Project Maple II BV, Trade Me Group LTD
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 17 bp (basis points), as of 04/29/19
- Net positive capital flows into high-yield ETFs & mutual funds
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