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Daily Archives: 14th September 2020

14th September 2020

🌊 Second wave? Markets making a second push, more like

iTraxx Main

54.8bp, -1.8bp

iTraxx X-Over

320.0bp, -5.7bp

🇩🇪 10 Yr Bund

-0.48%, unchanged

iBoxx Corp IG

B+124.7bp, unchanged

iBoxx Corp HY

B+450bp, unchanged

🇺🇸 10 Yr US T-Bond

0.67%, unchanged

🇬🇧 FTSE 100

5919.58, (+1.49%)
🇩🇪 DAX

12908.99, (+1.62%)
🇺🇸 S&P 500

3483.81, (+0.01%)

M&A frenzy boosts markets…

The assault on the record for annual issuance in the IG non-financial euro-denominated corporate primary bond market is on. Heading into the second half of September after €22bn of deal volume this month, we are now less than €20bn short of the 2019 record of €318bn. The pipeline is bursting and it’s fair to say that demand is also at very high levels. The corporate sector is getting cheap cash on board for whatever reason – like bolstering balance sheet liquidity, perhaps ahead of any refinancing of maturing obligations, or because it’s just cheap. Investors are clipping whatever coupon they can.

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