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Daily Archives: 8th April 2019

8th April 2019

Credit outperforms

MARKET CLOSE:
iTraxx Main

61.9bp, +1.3bp

iTraxx X-Over

260.1bp, +6.3bp

🇩🇪 10 Yr Bund

0.00%, unchanged

iBoxx Corp IG

B+134.5bp, -0.1bp

iBoxx Corp HY

B+414.5bp, -1bp

🇺🇸 10 Yr US T-Bond

2.51%, +1bp

🇬🇧 FTSE 100

6076.60, (-2.29%)
🇩🇪 DAX

11586.85, (-1.65%)
🇺🇸 S&P 500

3044.31, (+0.48%)

Biding one’s time…

It was very much a touchy-feely session to open the week. The equity markets were a little hesitant, rates were doing nothing and secondary credit was treading water (and outperforming) although we had a few deals in primary to contend with.

Brexit headlines over the weekend suggest that the various protagonists are trying to find common ground – or otherwise and all-in-all we managed to find a way through the day. The news flow took in weak German export performance in February as it continued to wrestle with global uncertainties while another survey suggested sentiment across the region remained fragile. We have the ECB meeting coming up later this week,  and those issues (amongst others) will have been noted although any further easing moves by the central bank are unlikely.

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