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28th April 2020

Saga Bond Prospectus (3.375% 15 May 2024)

Here are the prospectus and headline details for the Saga Bond Issue with a maturity of 15 May 2024.

  • Coupon: 3.375%
  • Par value: £100

Saga Bond Prospectus: ⬇️ Download

Where Can I Buy This Saga Bond?

This Iceland corporate bond is available to buy from: WiseAlpha (minimum purchase size £100)

16th April 2020

Iceland Bond Prospectus (6.75% 15 July 2024)

Here are the prospectus and headline details for the Iceland Bond Issue with a maturity of 15 July 2024.

  • Coupon: 3.875%
  • Par value: £100

Iceland Bond Prospectus: ⬇️ Download

Where Can I Buy This Iceland Bond?

This Iceland corporate bond is available to buy from: WiseAlpha (minimum purchase size £100)

14th April 2020

TalkTalk Bond Prospectus (3.875% 20 Feb 2025)

Here are the prospectus and headline details for TalkTalk Bond Issue with a maturity of 20 February 2025.

  • Coupon: 3.875%
  • Par value: £100

TalkTalk Bond Prospectus: ⬇️ Download

Where Can I Buy This TalkTalk Bond?

This TalkTalk corporate bond is available to buy from: WiseAlpha (minimum purchase size £100)

2nd June 2019

🗞️ Thunderstruck

MARKET CLOSE:
iTraxx Main

71bp, unchanged

iTraxx X-Over

307.2bp, +0.8bp

🇩🇪 10 Yr Bund

-0.20%, -3bp

iBoxx Corp IG

B+144bp, +1.5bp

iBoxx Corp HY

B+464bp, -10.5bp

🇺🇸 10 Yr US T-Bond

2.17%, -5bp

🇬🇧 FTSE 100

6176.19, (+1.33%)
🇩🇪 DAX

12799.97, (+1.32%)
🇺🇸 S&P 500

3185.04, (+1.01%)

Funding needed for the wall…

Good riddance to May. Unfortunately, it looks as though it is going to be an even more difficult June given that the issues which affected us last month are likely going to have a more serious impact through it. May’s performance data will show we scraped through with just a few scratches (in credit anyway), but the real deterioration is possibly only beginning. Just as well markets everywhere had a very good January – April period and handily managed to bag much performance, because we’re going to rely on it from now.

There is no mistaking Trump’s economic rampage against those he feels have wronged the US is about to erupt into something more fierce. Unless he is reined in.

The increasingly acrimonius US/China trade war is our biggest concern. That Trump has now turned his ire on Mexico imposing 5% tariffs on all Mexican imports into the USA from 10 June is going to add to the sense of gloom, as the US uses her economic might to fight various battles. Elsewhere, we still have EU politics to contend with including that UK Conservative Party leadership battle and all that holds for Brexit. While the EU is going into battle with Italy on those budget issues and fraying many a nerve as it does.

So those macro pressures are thumping away. China’s manufacturing sector contracted in May according to the latest official PMI which came in at 49.4 versus expectations of 49.9, and against a reading of 50.1 in April. Domestic employment indices were also impacted highlighting the increasing pressure on the workforce. German data showed a slowing in inflation in May to just 0.2% versus a 1% rise in April and in the US, the personal consumption expenditures (PCE) index rose by 1.5% with the core level at 1.6% year on year, well below the Fed’s 2% target rate.

As the fear gauge rises, it will translate to lower activity as well as weakening levels of investment and demand – and they’re going to need a pick-me-up. Alas, Draghi is on his way out as his term in office wingds down  but can he leave the markets with another dose of medicine from the ECB’s cabinet to help the patient limp on? As for the Fed, they will stay pat for the moment but we’re not sure for long they can, interest rate cuts are coming.

And so we take note of the declining bond yields in the US and Europe. We’re now contemplating a 2.00% yield for the 10-year US Treasury having seen it crunch lower to 2.16%. In the meantime, the -0.20% record low yield for the 10-year Bund has been met and we set a new intraday record low yield of -0.213%. Must we be thinking that -0.25% is quite possibly this week’s business?

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11th February 2019

(Free Content) Trade Ideas – What You’ve Been Missing!

GJ Prasad’s Trade Ideas column has been providing actionable, tactical trading ideas in bank subordinated debt and single name CDS in the form of a weekly note.

Here are a few of the trade ideas so far which you can now read free of charge to get a feel of what this new subscription service offers:

SANTAN:

Want a nice trade to play SANTAN AT1 call decision? | Trade Ideas


UBS:

You want yield but from “Almost safe bank”? | Bank Capital Insights


STANLN & HSBC:

Food for Thought Idea in USD AT1 Land | Bank Capital


To access the most recently published Trade Ideas, become a subscriber or contact us to find out more.

Trade Ideas is an exclusive subscription here on creditmarketdaily.com that provides you with access to our in-house expertise in more ways than one. In addition to the published note, your subscription to Trade Ideas gives you direct phone or e-mail access to the author to discuss the trade ideas in detail.

Trade Ideas subscriptions are available to a limited number of subscribers.  If you are not a subscriber, be sure that you don’t miss out on it any more.

25th September 2017

Angie

MARKET CLOSE:
iTraxx Main

58.7bp, -0.3bp

iTraxx X-Over

259.6bp, +1.2bp

10 Yr Bund

0.40%, -5bp

iBoxx Corp IG

B+108bp, +0.8bp

iBoxx Corp HY

B+286.7bp, +4bp

10 Yr US T-Bond

2.22%, -4bp

FTSE 100

7,301, -9

DAX

12,595, +2.5

S&P 500

2,497, -6

German political event risk ‘ignored’…

The reduced level of support for Merkel and the surge of the far right managed to inject only but just a little uncertainty into the markets, despite the CDU’s German election victory. The fact that it wasn’t as straightforward a victory as the markets would have liked – with a new coalition make-up uncertain following a poorer showing by the Social Democrats, was enough to inject some clear apprehension into the opening session of the week. On reflection, that’s completely understandable given that the markets don’t like uncertainty. Still, the opening skirmishes might have been fraught with angst, but the session settled quickly and we ended fairly flattish without much of a fuss.

The CDU needs new partners for coalition government given that the previous one (the Social Democrats) has said that it will go into opposition, with a so-called ‘Jamaica alliance’ likely to be negotiated. That could take several months and potentially lead to some changes in policies from the Eurozone’s main economic powerhouse. Whatever, it promises to be a delicate situation for Merkel to manoeuvre and potential partners with the CDU will be extracting their political pound of flesh.

While the economists opine and some fret about what next, it does seem like it is yet another potential ‘destabilising event’ – in a long list of them over the past couple of years – which the markets are going to swat aside. In this case, there’s some method in that madness. After all, in say the corporate bond markets, why should a new coalition government (with the old guard generally in charge) lead to spread market weakness? We don’t think it should.

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5th May 2017

April’s top performing funds

Here’s our round up of the how the largest and best performing funds fared in April 2017.
The largest IG euro corporate bond fund – Schroder’s ISF Euro Corp Fund (AUM €8bn) – returned 9.24% on an annualised basis in the three months to end April 2017. The best performing fund in the same period, though, was the much smaller Nordea 1 Fund (AUM just €261m) which delivered 17.8% performance.

> Full IG Euro Performance tables

Generally, on an annualised basis, the average performance across the market was for returns of between 5-9%. A notable exception was the €2.5bn Pioneer Euro Corp Fund which returned just 1.98% of performance.

In the 12-month period to end April 2017, GAM stays top of the list with its Star Credit Opportunities Fund returning a stellar 13.2%.

In high yield, Fidelity and UBS (Lux) stand out returning 9.46% and 9.39% (annualised) in the 3 months to April 2017 with AUM of €3.8bn and 2.9%, respectively. Finland’s Evli and Schroder’s ISF funds top the list generating returns of 11.4% and 12.5% on AUM of €900m and 756m, respectively.

> Full HY Euro Performance tables

For sterling, the IP Corporate Bond Fund (AUM £4.8bn) returned 9.81% versus 23.9% for the much smaller F&C Institutional Long dated Corporate Fund (AUM just £46.5m) in the 3-months to April 2017, both annualised. Overall, the average IG sterling funds returns in the Morningstar category returned 13.45% (annualised) in the 3 months to end April 2017.

> Full Sterling IG and Sterling HY Performance tables

3rd April 2017

Q1 2017 Spreads, Yields, Issuance & Returns

The Q1 2017 credit market charts & analysis are now in for yields, spreads, returns and issuance.

We’ve enhanced the charts and graphs here on creditmarketdaily.com to include the ability to ‘hover’ over them with your mouse pointer to reveal the data points from that particular point in time.  Just give it a try.

If you prefer to use short cuts to these charts, click the links below:


Issuance/Supply: Investment Grade | High Yield | Senior Financials


Spreads & Yields: Investment Grade | High Yield | Senior Financials | Corporate Hybrids | GBP Corporates | Contingent Convertibles


YTD Returns