U.S. EMPLOYMENT ACCELERATED IN MARCH growing by 196,000 jobs rebounding from a 17-month low in February. “This was a Goldilocks report, with a rebound in job growth to calm fears of an imminent recession, and wage growth that was solid enough without triggering inflationary concerns,”said Curt Long, chief economist at the National Association of Federally-Insured Credit Unions. 10-year Treasury note shed 2.2 basis points. Equities rise to six month highs amid strong economic data, S&P+0.44%, DOW +0.18%, NASDAQ +0.58%
Investment Grade Bond Research – April 5, 2019Posted on April 5, 2019
|Key Gainers and Losers||Volume Leaders|
|Precision Castparts Corp. 2.25% 6/15/2020
GE Capital Intl. Funding Co. 4.418% 11/15/2035
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
(None Current 04/05/2019)
Owl Rock Capital Corp. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 3/22/19, with a net inflow of $0.589B, year-to-date $10.6B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD XR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|Cable & Wireless Communication (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Crossamerica Partners LP, Ryman Healthcare Group, FLIR Systems Inc., Kirby Corp.
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 04/05/19
- Net positive capital flows into high-yield ETFs & mutual funds
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