Daily Archives: 17th April 2019

17th April 2019

Got to be happy with that

iTraxx Main

57.9bp, -0.1bp

iTraxx X-Over

248.1bp, -1bp

🇩🇪 10 Yr Bund

0.08%, +1bp

iBoxx Corp IG

B+126.7bp, -1bp

iBoxx Corp HY

B+389.5bp, -3bp

🇺🇸 10 Yr US T-Bond

2.58%, -1bp

🇬🇧 FTSE 100

5993.28, (-0.37%)
🇩🇪 DAX

11073.87, (+0.07%)
🇺🇸 S&P 500

2955.45, (+0.24%)

A restful Easter indeed…

So we’re about to close up for the long Easter weekend with all markets showing some fantastic results. Those GDP numbers from China will give us some fuel, allowing risk assets to continue to rally for a bit longer. Markets are not going to fall out of bed just yet. There’s a good chance that the S&P sees a fresh record high soon. That 10-year Bund yield looks like it won’t see -0.20% anytime soon either as growth hopes start to take hold again.

A happy Easter break is ensured

Euro-denominated IG credit spreads (iBoxx index) at B+127bp (-46bp this year already) might actually see B+110bp or lower before 2019 is out. All we need is fear (that it could all come crashing down), hope (that we might be seeing global growth underpinned by those Chinese stimulus measures) and a lot of luck (that event risk remains well off the radar). It looks like we will see out April having clocked up some good performance.

Continue reading