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Daily Archives: 27th September 2018

27th September 2018

September squeezed dry

MARKET CLOSE:
iTraxx Main

67.1bp, -0.4bp

iTraxx X-Over

267.1bp, -1.4bp

🇩🇪 10 Yr Bund

0.53%, unchanged

iBoxx Corp IG

B+129.4bp, unchanged

iBoxx Corp HY

B+376.3bp, +0.5bp

🇺🇸 10 Yr US T-Bond

3.07%, unchanged

🇬🇧 FTSE 100

6026.94, ERROR
🇩🇪 DAX

12591.68, ERROR
🇺🇸 S&P 500

3349.16, -4.38

Issuance run ends, for good reason…

We had a quieter session on Thursday and it looks like there could be a premature end to the month’s activity. It’s been an excellent one, to be fair. But it was still a bit of a surprise – given that we were all guns blazing and ignoring the potential for event-risk to stop the party. That said, we concede that it was probably no bad thing that the primary market was less effusive because it allows the heavy load of recent new issues to be absorbed. After all, we have had €10bn of IG non-financial issuance in just three sessions this week. The month is now the best of the year so far with €33bn in the bag.

Importantly, any potential for investor indigestion brought on by a deal overload will have been prevented.

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