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Daily Archives: 13th November 2018

13th November 2018

Brexit ‘deal’ excitement steals the day

iTraxx Main

71.0bp, -0.8bp

iTraxx X-Over

293.8bp, -0.5bp

🇩🇪 10 Yr Bund

0.41%, +2bp

iBoxx Corp IG

B+146.4bp, +2bp

iBoxx Corp HY

B+436.7bp, +6.7bp

🇺🇸 10 Yr US T-Bond

3.15%, -4bp

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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But it’s getting more difficult to stay upbeat…

So market bounces are an opportunity to reduce risk, it seems. Well, at least few are going to add on any dips or chase the market higher if it looks like it might start to feel better. We’ve been had by too many suckers’ rallies of late and this close to year-end, it’s wise to protect performance now. So we have a situation where secondary market turnover and volumes are going to stay at depressed levels. There is no point in moaning about secondary liquidity because there is none – and it will not be returning any time soon.

That leaves primary credit as investors’ best opportunity for getting some debt on board, but the Volkswagen offering might have reset the bar too high for borrowers who might gawp at the new issue premiums needed to get a deal away – whatever the size. Unless, of course, we get a price insensitive mega M&A deal (re-)financing on the screens. Takeda Pharmaceuticals, we’re watching!

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