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Daily Archives: 21st June 2018

21st June 2018

Political risk returns

MARKET CLOSE:
iTraxx Main

71.0bp, +3.3bp

iTraxx X-Over

309.4bp, +9.2bp

🇩🇪 10 Yr Bund

0.32%, -5bp

iBoxx Corp IG

B+128bp, +0.7bp

iBoxx Corp HY

B+389.6bp, +7bp

🇺🇸 10 Yr US T-Bond

2.90%, -2.5bp

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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Primary window might close…

The markets played out to a defensive tone in the week’s penultimate session as it took in the implications of the trade war as seen through Daimler’s profit warning as well as the appointment of Eurosceptic lawmakers to key posts in the Italian economic ministry. Not that we would have noticed that in the corporate bond market as investors took on board a plethora of deals which were higher beta in nature. The flow of deals suggests that for now (or for Thursday’s session) we are comfortable to take down primary market credit risk which will likely come ‘plentiful and cheap’ ahead of the market closing down for the summer, next month.

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