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Daily Archives: 18th April 2018

18th April 2018

IG borrowers missing in action

MARKET CLOSE:
iTraxx Main

53.4bp, +0.8bp

iTraxx X-Over

271.1bp, +3.3bp

10 Yr Bund

0.53%, +2bp

iBoxx Corp IG

B+103.2bp, +0.2bp

iBoxx Corp HY

B+310bp, -1bp

10 Yr US T-Bond

2.86%, +4.5bp

FTSE 100

7,877.45, 18.28
DAX

13,169.92, 92.20
S&P 500

2,724.44, -8.57

Corporate vanishing act…

A poke in the eye for a moribund euro-denominated IG non-financial corporate bond market, as Syngenta decided not to proceed with the acquisition finance funding deal in the currency. They got filled in dollars for the $4.75bn they were looking to raise. The issuance run rate so far this year is the lowest for five years resulting in a sense of frustration in some quarters, not helped that the tipping of the supply/demand imbalance towards the latter isn’t exactly leaving spreads ratcheting tighter. Even the expected dual-tranche offering from EP Infrastructure didn’t materialise although we’re hopeful it will be Thursday’s business.

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