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Daily Archives: 4th September 2018

4th September 2018

Needing to ramp it up

MARKET CLOSE:
iTraxx Main

67.9bp, -0.4bp

iTraxx X-Over

296.9bp, -1.8bp

🇩🇪 10 Yr Bund

0.36%, +2bp

iBoxx Corp IG

B+138.3bp, +0.5bp

iBoxx Corp HY

B+403bp, -0.5bp

🇺🇸 10 Yr US T-Bond

2.90%, +5bp

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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Willing the markets on…

Our obsession with the primary market continues – because it is the oxygen of the market. Tuesday’s session saw a plethora of activity, but it was mainly financials driven. Covered bonds, senior issues and subordinated debt dominated the screens with a couple of peripheral non-financial corporates also in the mix. Spreads are edging wider, though, leaving benchmark performance to come under constant pressure, while total returns hover around zero for the year – but credit is outperforming in both IG and high yield versus equities and government bonds.

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