Archive

Daily Archives: 2nd April 2019

2nd April 2019

Lunatics, asylums and the EU27

MARKET CLOSE:
iTraxx Main

62.8bp, +0.5bp

iTraxx X-Over

258.8bp, +0.1bp

🇩🇪 10 Yr Bund

-0.05%, -2bp

iBoxx Corp IG

B+136.6bp, -0.6bp

iBoxx Corp HY

B+xxxbp, -+xbp

🇺🇸 10 Yr US T-Bond

2.49%, unchanged

🇬🇧 FTSE 100

6076.60, (-2.29%)
🇩🇪 DAX

11586.85, (-1.65%)
🇺🇸 S&P 500

3044.31, (+0.48%)

Surely, it really IS that simple…

The market seemed like it was treading water, shell-shocked in a sense by the overnight news that Westminster failed to agree a single majority on the Brexit-related indicative votes. A deal can still happen – if the EU cedes on the Withdrawal Agreement and we all work together over the implementation period to work out a solution to the border issue. Like reasonable adults and friends with a purpose. Otherwise, it’s no-deal, a general election or a fourth vote on the existing deal. Alas, we’re back at square one. We did manage a risk-on session and credit primary was busy with a good handful of deals which were again very well received. With most deals performing well on the break (90%+ deals this year tighter), the market’s confidence is high and borrowers might be best advised to make hay.

Continue reading