Daily Archives: 3rd April 2019

3rd April 2019

April flowers

iTraxx Main

61bp, -1.7bp

iTraxx X-Over

252.9bp, -6bp

🇩🇪 10 Yr Bund

0%, +5bp

iBoxx Corp IG

B+134.7bp, -2bp

iBoxx Corp HY

B+415.2bp, -8bp

🇺🇸 10 Yr US T-Bond

2.51%, +3bp

🇬🇧 FTSE 100

5993.28, (-0.37%)
🇩🇪 DAX

11073.87, (+0.07%)
🇺🇸 S&P 500

2955.45, (+0.24%)

Markets roar ahead…

Well, that had nothing to do with the prospect of a soft Brexit or no Brexit at all, but rather everything to do with hopes that the US and China might come to a trade agreement.

Whatever, the primary sluice gates opened and the deals gushed through taking in borrowers from across the complete corporate bond spectrum in the busiest session in months. In a ‘proper’ risk-on session, equities pushed higher, rates sold off hard as if the economic crisis has come to an abrupt end, and credit spreads continued to tighten. Borrowers were spurred on by the very upbeat tone across risk markets in the session, although receptivity to deals over the past quarter has been excellent with the window open right through.

Anyway, we had IG non-financial issues, senior (non-preferred) issuance, much welcomed/needed high yield borrowers and subordinated financial debt. Things continue to look rosy in credit markets.

Continue reading