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Daily Archives: 30th September 2019

30th September 2019

Fortune favours the brave

MARKET CLOSE:
iTraxx Main

55.4bp, -0.8bp

iTraxx X-Over

233.3bp, +0.3bp

🇩🇪 10 Yr Bund

-0.57%, unchanged

iBoxx Corp IG

B+123.7bp, -0.3bp

iBoxx Corp HY

B+416bp, +2bp

🇺🇸 10 Yr US T-Bond

1.68%, +1bp

🇬🇧 FTSE 100

6026.94, (-1.27%)
🇩🇪 DAX

12591.68, (-0.54%)
🇺🇸 S&P 500

3349.16, (+0.22%)

Chapter 10 up next…

Most of the corporate bond market’s performance in 2019 came in the first six months, but it’s still been a decent third quarter for credit. IG might have lost its way a little in September after the rate market unwind, but it still managed to come up with +1.2% in total returns for the 3-month period (iBoxx). There was also no small matter of having to absorb a massive €85bn of deals in non-financials and €34bn of senior issuance. The AT1 market gave +2.2% in the quarter, the high yield market +1.3% while the best in the class was sterling credit, where total returns came in at a sprightly +3.7% helped along by the sustained bid for the underlying.

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