Archive
Daily Archives: 3rd September 2018
Daily Archives: 3rd September 2018
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″] |
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.