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Daily Archives: 3rd July 2018

3rd July 2018

Dark clouds hovering

MARKET CLOSE:
iTraxx Main

74.0bp, -1.3bp

iTraxx X-Over

320.4bp, -6.5bp

🇩🇪 10 Yr Bund

0.295%, -1bp

iBoxx Corp IG

B+137.9bp, -0.2bp

iBoxx Corp HY

B+416bp, -7bp

🇺🇸 10 Yr US T-Bond

2.84%, -3bp

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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Credit market caught up in the gloom…

Covered bonds, state-owned/controlled corporates, SSAs, a Reit and a corporate in sterling. The session was a damp squib for the euro-denominated primary corporate bond market. We’ve hoped, huffed and puffed but the opening half of the year – and going into the second half, has really failed to deliver (except in high yield primary).

It doesn’t look like we’re going to see much improvement on the meagre pickings thus far, given the upcoming holiday period and all that event risk around Trump’s effort to make “fair trade deals” with the US’ global partners.

The US Independence Day holiday on Wednesday just before the non-farm payroll report on Friday means that Thursday is the last chance to squeeze deals in this week.

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