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Daily Archives: 29th November 2020

29th November 2020

🗞️ 2020’s final countdown begins

iTraxx Main

48.7bp, -0.7bp

iTraxx X-Over

265.0bp, -3.4bp

🇩🇪 10 Yr Bund

-0.59%, unchanged

iBoxx Corp IG

B+104bp, unchanged

iBoxx Corp HY

B+374bp, -1bp

🇺🇸 10 Yr US T-Bond

0.86%, -2bp

🇬🇧 FTSE 100

6,367, +4.65

🇩🇪 DAX

13,335, +49.11

🇺🇸 S&P 500

3,638, +8.7

Crypto way out in front…

As we close out November, IG credit (iBoxx index) total returns come in at 1.1% on spreads 22bp tighter, and the index is back to flat for 2020. The HY market is up 4% in the month. The FTSE has rocketed 13.5% higher so far in the month and the S&P 10%. Global equities have had their best month, ever.

Bitcoin’s worth more than a mention, having wobbled last week – thought to be a correction (sizeable at that) Its price has recovered much since and is higher by over 30% in November – and by 360% since the March 2020 low.

November’s been a fantastic month for risk markets. Everything from oil to equity markets to credit have seen such massive performances that investors’ returns for the year have recovered their respectability. It wasn’t looking so great into the coronavirus second wave, but the various COVID-19 vaccine developments have unlocked the rally.

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