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Daily Archives: 11th May 2020

11th May 2020

No let up in primary splurge

MARKET CLOSE:
iTraxx Main

84.4bp, -1.6bp

iTraxx X-Over

507bp, -8bp

🇩🇪 10 Yr Bund

-0.52%, -1bp

iBoxx Corp IG

B+198bp, +1.5bp

iBoxx Corp HY

B+657bp, -5bp

🇺🇸 10 Yr US T-Bond

0.70%, +2bp

🇬🇧 FTSE 100

6104.73, (+1.71%)
🇩🇪 DAX

13066.54, (+2.36%)
🇺🇸 S&P 500

3431.28, (+0.67%)

Low hanging fruit being picked off…

It’s like the charge of the light brigade. Another day, another plethora of borrowers looking for money. And markets trying to trade through the May/June macro weakness. We even have the high yield borrower becoming less of an oddity on the screens.

We have failed to witness a spectacular, confidence-sapping blow-up. It helps that the wall of funding has been pushed out beyond 2021. The post-financial crisis disintermediation in the corporate funding dynamic has had the desired effect.

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