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Daily Archives: 23rd January 2019

23rd January 2019

We can’t have run out of steam already!

MARKET CLOSE:
iTraxx Main

77.7bp, unchanged

iTraxx X-Over

331.2bp, +2.3bp

🇩🇪 10 Yr Bund

0.23%, -1bp

iBoxx Corp IG

B+328.9bp, -+xbp

iBoxx Corp HY

B+500bp, +2bp

🇺🇸 10 Yr US T-Bond

2.75%, +2bp

🇬🇧 FTSE 100

6176.19, (+1.33%)
🇩🇪 DAX

12799.97, (+1.32%)
🇺🇸 S&P 500

3185.04, (+1.01%)

Dull as dishwater…

Where have all the deals gone? The window is wide open and we’re screaming for corporate borrowers to get their skates on. Surely they are not still nervous about funding conditions. Maybe it’s just that they are punch drunk on the liquidity that they managed to hoard over the previous multi-year halcyon period for low-cost borrowing – and haven’t spent it. They extended maturities, there is no wall of funding approaching over the next year or two and the economic environment isn’t exactly bright and predictable. That must be it.

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