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Daily Archives: 29th November 2018

29th November 2018

Fed the fish, now what?

MARKET CLOSE:
iTraxx Main

79.7bp, -0.7bp

iTraxx X-Over

343.9bp, +1.9bp

🇩🇪 10 Yr Bund

0.32%, -3bp

iBoxx Corp IG

B+165bp, +1.3bp

iBoxx Corp HY

B+494.5bp, +4bp

🇺🇸 10 Yr US T-Bond

3.02%, -2bp

🇬🇧 FTSE 100

6007.05, (-0.71%)
🇩🇪 DAX

13116.25, (-0.70%)
🇺🇸 S&P 500

3319.47, (-1.12%)

Because it won’t be enough…

The steady trickle of deals this week has been much welcomed (we think), especially as borrowers are paying up to get them done. Anything from 20-40bp versus the secondary curve is what it takes and we are getting a serious amount of repricing of secondary curves as a result. VW started with their cheap 4-tranche €4.25bn issue in early November, but we had €7.5bn from Takeda to absorb as well – plus a whole host of market volatility and apprehension to boot.

Of course, to get a deal away in this most difficult of year-end periods for the market means paying up. Remember, that event risk still lurks – Brexit, Trump, trade wars, Ukraine, Italy and oil.

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