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Daily Archives: 19th September 2019

19th September 2019

Primary’s going to erupt again

iTraxx Main

47.8bp, -0.3bp

iTraxx X-Over

245bp, -2bp

🇩🇪 10 Yr Bund

-0.50%, +1bp

iBoxx Corp IG

B+122bp, unchanged

iBoxx Corp HY

B+395bp, unchanged

🇺🇸 10 Yr US T-Bond

1.79%, unchanged

🇬🇧 FTSE 100

6036.00, (+1.14%)
🇩🇪 DAX

12600.87, (+0.47%)
🇺🇸 S&P 500

3306.51, (+0.62%)

Much needed breather sets us up nicely…

The latest round of central bank meetings are over. We have been left a bit to think about, though, with the Fed alone failing to offer a dovish note. The US central bank didn’t really nail it in the sense that they only did enough to keep the markets guessing some more, with Powell preferring to adopt a ‘moderate adjustments’ policy to the fed funds rate. However, it is time for markets to trade free from the shackles of policy uncertainty and focus on the incoming data as well geopolitical machinations wherever they might be. Few are fretting about any of it in European credit. We’re just waiting for the next deal (and they’re coming in droves) in a year which looks odds-on to set a new record for IG non-financial issuance. €300bn is our target (€246bn now, €285bn record in 2009).

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