U.S. THREATENED TO SLAP TARIFFS ON HUNDREDS OF EUROPEAN GOODS dragging stocks lower on Tuesday. Job openings fell sharply in February by more than a half million slipping to levels not seen in over a year, “Like the rest of the economy, the labor market is not perfectly steady on its feet”. Gold rose to nearly two-week highs settling above $1307.8 per ounce. 10-year Treasury note dipped 2.5 basis points. S&P -0.58%, DOW -0.68%, NASDAQ -0.46%
Investment Grade Bond Research – April 9, 2019Posted on April 9, 2019
|Key Gainers and Losers||Volume Leaders|
|Ares Capital Corp. 4.25% 3/1/2025
Athene Global Funding 4% 1/25/2022 144A
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. DPL Inc. (USD) 4.35% 4/15/2029 144A (04/08/2019): 400MM Senior Unsecured Notes, Price at Issuance 99.848, Yielding 4.37%.
2. SMBC Aviation Capital Fi (USD) 3.55% 4/15/2024 (04/08/2019):500MM Senior Unsecured Notes, Price at Issuance 99.868, Yielding 3.58%.
Toyota Motor Credit Corp. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 4/5/19, with a net inflow of $2.0B, year-to-date $12.0B 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)
|SuperValu Inc. (5Y Sen USD MR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Ultimate Software Group, Crossamerica Partners LP, Ryman Healthcare Group
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 04/09/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide