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Daily Archives: 20th November 2019

20th November 2019

Tariffs and impeachment weigh on market

iTraxx Main

50.1bp, +0.7bp

iTraxx X-Over

235.4bp, +2.4bp

🇩🇪 10 Yr Bund

-0.35%, -1.5bp

iBoxx Corp IG

B+117bp, +2bp

iBoxx Corp HY

B+403bp, +2.5bp

🇺🇸 10 Yr US T-Bond

1.74%, -4bp

🇬🇧 FTSE 100

6095.41, (+0.76%)
🇩🇪 DAX

12633.71, (+1.15%)
🇺🇸 S&P 500

3185.04, (+1.05%)

Optimism ebbs and flows…

The murky trade outlook put the kybosh on the markets midweek. The sentiment wasn’t helped by the very weak producer price inflation numbers in Germany for October. Equities lurched lower at the open in Europe and rates were having as good a day they’ve had in several weeks. There’s no panic, yet, but markets appear to be highly strung and extremely sensitive to any trade-related news flow (or lack of it).

Credit spreads edged wider again amid limited levels of secondary market activity, but it appears that the heavy primary activity is weighing on IG spreads. During the session, we had those multi-tranche deals on the screens from EssilorLuxoticca and Fresenius. That meant the €300bn level of annual issuance was exceeded (now €304bn YTD) for the first time for IG non-financial issuance in the euro-denominated corporate bond market.

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