Archive
Daily Archives: 3rd September 2018
3rd September 2018
- by Suki Mann
Raring to go
| MARKET CLOSE: | ||
| iTraxx Main
68.3bp, -0.1bp |
iTraxx X-Over
298.7bp, -0.1bp |
🇩🇪 10 Yr Bund
0.33%, unchanged |
| iBoxx Corp IG
B+137.8bp, +2bp |
iBoxx Corp HY
B+404.6bp, +5.75bp |
🇺🇸 10 Yr US T-Bond
2.86%, unchanged |
| 🇬🇧 FTSE 100 [wp_live_scraper id=”17″], [wp_live_scraper id=”18″] | 🇩🇪 DAX [wp_live_scraper id=”19″], [wp_live_scraper id=”20″] | 🇺🇸 S&P 500 [wp_live_scraper id=”21″], [wp_live_scraper id=”22″] |
All we need is confidence…
It was the dull session that we might have expected it to have been given that the US markets were closed for Labour Day. Trump was at it again, though – doing his best in stoking trade tensions. Chinese manufacturing activity slipped to a 14-month low in August on slowing exports, sterling was weaker on the May/Barnier tough talk, while UK manufacturing grew at the slowest rate also for 2 years in August. At the end of last week we had Casino downgraded by S&P to BB (from BB+) and spreads widening hard, with the market not holding back (in cash the 2026s wider by 100bp and 5-year CDS wider by almost 130bp to 630bp) given the retailer’s over-leveraged and complex holding and debt structures – although prices didn’t move much on Monday.
On a more refreshing note, brewer Heineken was doing its best to keep primary active with a dual-tranche primary offering.
