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Daily Archives: 27th November 2019

27th November 2019

Thanksgiving flourish

MARKET CLOSE:
iTraxx Main

47.7bp, unchanged

iTraxx X-Over

223.3bp, -3.7bp

🇩🇪 10 Yr Bund

-0.37%, unchanged

iBoxx Corp IG

B+115.3bp, -0.5bp

iBoxx Corp HY

B+389bp, -4bp

🇺🇸 10 Yr US T-Bond

1.77%, +3bp

🇬🇧 FTSE 100

6382.41, (-0.64%)
🇩🇪 DAX

12430.56, (-0.45%)
🇺🇸 S&P 500

3112.35, (-0.28%)

Not bad AT all…

That was a decent blast of pre-Thanksgiving deals as the market made a sterling effort on Wednesday, and all the signs are that we’ll possibly get a good stream of issuance still next week, before we finally close down for the end of year. The pipeline might look more sparse at the moment, but there should still be a couple of weeks worth of business left in 2019.

We think that a busy early December is not impossible. Right now, we’re closing out November with IG spreads just a touch wider for choice and monthly returns very slightly negative, but still up at 6.4% for the year (Market iBoxx index). Not bad. High yield spreads are 130bp tighter this year – and returns up at 9.4%. Not bad, either. Still, they’ve all been left in the shade by an AT1 market squeezed with spreads 270bp tighter for the year, and total returns up at a stunning 14.3%.

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