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Daily Archives: 20th November 2018

20th November 2018

🌊 Wipe out

iTraxx Main

79.5bp, +1.1bp

iTraxx X-Over

331.3bp, +4.8bp

🇩🇪 10 Yr Bund

0.35%, -3bp

iBoxx Corp IG

B+165bp, +5.5bp

iBoxx Corp HY

B+492.3bp, +13bp

🇺🇸 10 Yr US T-Bond

3.06%, unchanged

🇬🇧 FTSE 100

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🇩🇪 DAX

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🇺🇸 S&P 500

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There’s always someone else worse off…

As we head into the Thanksgiving/Black Friday break, the plight of the market gives us so much to write about. Credit returns in IG and HY currently at -1.6% and -3.3% year to date (iBoxx) are heading for their worst annual performance since 2008 (-4%, IG) and 2011 (-3%, HY), respectively. We have primary supply at relatively depressed levels of late, leaving the full year, in IG, currently at €210bn and will now fall well short of the average seen in the 2014-2017 period (€250bn per annum).

The high yield market, going great guns until September, has seen primary drop sharply – aka Devon Loch proportions, and a potential record year has vanished through a difficult and volatile final quarter. Across the board, event risk maligned corporates have been punished by credit investors, hard. But it’s worse elsewhere.

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