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Daily Archives: 1st December 2019

1st December 2019

Pre-Holidays Strategy

MARKET CLOSE:
iTraxx Main

47.7bp, -0.3bp

iTraxx X-Over

220.8bp, -1.6bp

🇩🇪 10 Yr Bund

-0.36%, unchanged

iBoxx Corp IG

B+115bp, unchanged

iBoxx Corp HY

B+383bp, -2bp

🇺🇸 10 Yr US T-Bond

1.76%, unchanged

🇬🇧 FTSE 100

6095.41, (+1.33%)
🇩🇪 DAX

12633.71, (+1.32%)
🇺🇸 S&P 500

3185.04, (+1.01%)

Equities performance out in front, fixed income stellar…

Not long to go now in order to clip the kind of performance that is the stuff of dreams. We closed November with risk markets having a final session give-up but having garnered some excellent performance this year.

Records have gone in US equities as the S&P is up by over 25% this year so far. The Dax is up there too, the total return index up 25.3%, whilst the FTSE is up only 9.2% this year in comparison (Brexit/political woes), it could be the ‘go to’ equity market in 2020 if Boris Johnson gets his working majority and funds pile back into UK equities in some sort of relief trade.

IG credit has made 6.4% so far, HY credit 9.6% and the AT1 market over 14%. The primary market has seen records smashed in IG, they’re closing in on the high yield record (still 2 weeks of business to go) while there has been a stellar recovery in senior bank primary supply. And rates. Total returns are just a shade shy of 8%. Fantastic.

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