European Corporate Bond Market: Spreads, Yields, Size

The pages listed below show the history of corporate bond spreads and performance, as well as the size and growth of the Euro-denominated corporate bond market, since 2003. They are a means for interested parties to gain a sense and appreciation of how the bond market in Europe has performed and grown during this period.  All data supplied by Markit Group Ltd.

Investment Grade Index: iBoxx EUR Corporates


High Yield > Index: iBoxx EUR HY Overall


Senior & Subordinated Financials > Index: iBoxx EUR Financials


Non-Financial Corporate Hybrid > Index: iBoxx EUR Non-Financials Subordinated


CoCo Bond Market Index > Index: iBoxx EUR Contingent Convertibles


Sterling Corporate Market > Index: iBoxx GBP Corporates

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To Fall or Not to Fall on the Non Call | Bank Capital Insights

Head Scratcher or Mis-priced Hope? Banco Santander (SANTAN) in the end decided not to call their EUR 6.25 Perp 19 AT1 for economic reasons.  This is the first AT1 not to be called and, to some extent, this has come as a surprise to most investors.  However, purely from an issuer perspective, it makes complete sense. Post the non-call, with a reset spread of 541 bps, this [...]

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It was just too good a thing

Squeaky bum time, again... Approaching the half way point for the month and we find that credit spreads have performed better than even the most bullish of expectations. OK, there are still almost 11 months to go and the macro risks are building, but we have some good performance in the bag to help alleviate some of the inevitable weakness and/or pain to come. The situation [...]

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Grim reaper lurks

Limp credit markets... It's been the limpest of weeks as far as activity has been concerned, although for credit market participants they're at least grateful for the squeeze in spreads which has given some excellent early year performance. We're not buying into the excuse that the earnings season has curtailed primary activity, because only a small proportion of companies a [...]

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Special place in Hell? Surely not

Credit on a roll... We are barely six weeks into 2019 and we have an almighty squeeze occurring in spreads in the corporate bond market. Investment grade spreads have tightened 20bp (iBoxx index) while the solid support for the underlying has meant that we have already managed total returns of 1.5%. The high yield market, supposedly going to suffer from the macro slowdown th [...]

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