Archive
Daily Archives: 29th November 2018
29th November 2018
- by Suki Mann
Fed the fish, now what?
| MARKET CLOSE: | ||
| iTraxx Main
79.7bp, -0.7bp |
iTraxx X-Over
343.9bp, +1.9bp |
🇩🇪 10 Yr Bund
0.32%, -3bp |
| iBoxx Corp IG
B+165bp, +1.3bp |
iBoxx Corp HY
B+494.5bp, +4bp |
🇺🇸 10 Yr US T-Bond
3.02%, -2bp |
| 🇬🇧 FTSE 100 [wp_live_scraper id=”17″], [wp_live_scraper id=”24″] | 🇩🇪 DAX [wp_live_scraper id=”19″], [wp_live_scraper id=”25″] | 🇺🇸 S&P 500 [wp_live_scraper id=”21″], [wp_live_scraper id=”26″] |
Because it won’t be enough…
The steady trickle of deals this week has been much welcomed (we think), especially as borrowers are paying up to get them done. Anything from 20-40bp versus the secondary curve is what it takes and we are getting a serious amount of repricing of secondary curves as a result. VW started with their cheap 4-tranche €4.25bn issue in early November, but we had €7.5bn from Takeda to absorb as well – plus a whole host of market volatility and apprehension to boot.
Of course, to get a deal away in this most difficult of year-end periods for the market means paying up. Remember, that event risk still lurks – Brexit, Trump, trade wars, Ukraine, Italy and oil.
