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Daily Archives: 28th June 2018

28th June 2018

First half ending on a bum note

MARKET CLOSE:
iTraxx Main

75.8bp, +2bp

iTraxx X-Over

329.1bp, +8.3bp

🇩🇪 10 Yr Bund

0.31%, -1bp

iBoxx Corp IG

B+136.7bp, +2.2bp

iBoxx Corp HY

B+418bp, +8bp

🇺🇸 10 Yr US T-Bond

2.84%, +1bp

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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We can work it out…

There’s nothing like a drive-by borrower getting a deal in while the markets are riled, with another sneaking one away as well as it tags along in its slipstream. Those two borrowers in Thursday’s session were BP with a three-tranche offering and O2 Telefonica Deutschland. Importantly, it just goes to show that the window is open for non-financial corporate borrowers in IG as judged by the investor interest for the risk on offer. Otherwise, it was yet another difficult session for risk assets as the ramifications of the likely global trade war play out.

Chinese stocks continued their decline as did its currency against the dollar peg. European stocks followed suit and will certainly close the month and first half of the year in the red. The DAX was off almost 2% at one stage, for example. Rates were slightly better bid in the session and the 10-year benchmark Bund yield once again saw 0.30% intraday.

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