Daily Archives: 1st August 2019

1st August 2019

Fixed income party still in full swing

iTraxx Main

50.5bp, +0.6bp

iTraxx X-Over

252.9bp, +0.7bp

🇩🇪 10 Yr Bund

-0.45%, -3bp

iBoxx Corp IG

B+112bp, +2bp

iBoxx Corp HY

B+422bp, +12bp

🇺🇸 10 Yr US T-Bond

1.90%, -12bp

🇬🇧 FTSE 100

7156.83, (-0.44%)
🇩🇪 DAX

13035.24, (-4.01%)
🇺🇸 S&P 500

3225.89, (-3.60%)

Oh my, oh my…

Yet another great month has passed us by, giving us (so far) the unlikeliest of positive years that we have ever seen for risk markets. IG credit (iBoxx index) has returned over 1% again in July and 7% in the period from January to the end of July. Most investors will have made in excess of 8% depending on their portfolio beta. The CoCo index has stumped up 11% year to date in total returns. The euro-denominated high yield market, is on 8.3% this year to the end of July. It’s like the market, unassisted (by QE), is in the process of smashing records. Equities have with the S&P rising to see fresh record highs having put on over 20% in 2019 to date.

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