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Daily Archives: 5th Nov 2018

5th Nov 2018

Mid-terms stifle activity

MARKET CLOSE:
iTraxx Main

69.8bp, -0.7bp

iTraxx X-Over

288bp, -0.2bp

🇩🇪 10 Yr Bund

0.43%, unchanged 

iBoxx Corp IG

B+144bp

iBoxx Corp HY

B+426bp

🇺🇸 10 Yr US T-Bond

3.20%, -1bp

🇬🇧 FTSE 100

6,806.94, -18.50
🇩🇪 DAX

10780.51, -0.24
🇺🇸 S&P 500

2636.78, +0.92

Steadying the ship…

Let’ see what the US mid-term elections brings. It was a mixed and perhaps apprehensive start to the week, but at least we had some signs of life in the primary corporate bond market. Several borrowers emerged from the debris of the past few weeks. We have five weeks left in reality in which to get some good business done, needed in a primary market which has generally failed to deliver this year. But primary can only pick up in a material way if the tea leaves elsewhere are lined up. Otherwise, the deal flow is going to come in fits and starts, just as it has done for much of 2018.

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