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US Treasury yields eased slightly across the curve, by 3-4bp as markets recovered from the negative sentiment caused by Middle East geopolitical tensions. The preliminary estimates for the annualized Q1 GDP are at 2.5% vs. 3.4% during the prior quarter. The data is due for release later this week. US IG CDS spreads tightened 2.7bp and HY spreads were 10.5bp tighter. The S&P rose by 0.9% and Nasdaq rose by 1.1% respectively, in a broad risk-on sentiment.
European equity indices ended higher. European IG CDS spreads tightened 1.8bp while crossover spreads were 9.5bp tighter. Asian equity markets have opened in the green today. Asia ex-Japan IG CDS spreads were 2bp tighter.
American Express raised $3.5bn via a four-part deal.
The notes are SEC-registered. The 11NC10s are subordinated and are rated A3/BBB/A- while the rest are senior unsecured notes rated A2/BBB+/A. Proceeds will be used for general corporate purposes.
As the name suggests, these are bonds registered with the US Securities and Exchange Commission (SEC). These are not to be confused with 144A bonds, which are privately placed, not SEC registered and have lesser documentation and are traded among Qualified Institutional Buyers (QIBs). Given 144As are restricted securities, they have resale and transfer restrictions that are not applicable for SEC-registered securities. Besides these, they also have a few other differences like being eligible for inclusion in bond indices like Barclays Aggregate Bond Index, no investment restrictions and no private placement restrictions on communications.
On Pressure at IMF Against Blueprint for EM Debt Reworks
United Nations Secretary-General Antonio Guterres
“The last four years have been nothing short of a debt disaster”
Joe Delvaux, a money manager at Amundi
“Ultimately, the ones paying the real price of prolongated default periods are the people of these countries”
David Grigorian, a former IMF and World Bank economist
“Give me a group of 10 people and two hours and we could come to an agreement”
On ‘Priced to Perfection’ Starts to Unravel as Debt Markets Get Jitters
Meghan Robson, head of US credit strategy at BNP Paribas
“If those cuts get pushed out after the election, it could be a challenge for some of the lower-quality floating-rate issuers… risk is not priced in yet”
On pullback in US stocks to test dip-buyers’ resolve
Varghese, global macro strategist at Carson Group
“We’re not surprised that there was a bit of a pullback. I think buyers will start stepping in”
Seth Hickle, managing partner at Mindset Wealth Management
“With the current situation in the Middle East potentially escalating, I am surprised short term volatility isn’t higher”