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Weekly Credit Strategy Update
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The strong sentiment has returned and spreads are moving tighter
Wed, May 20 2009, 12:23 GMT
by Danske Research Team
Summary
- The strong sentiment has returned and spreads are moving tighter
- Primary market activity continues to be immense and new issues perform
- We have initiated coverage of Danish utility company DONG Energy
Headlines from the credit market this week
The rally is back in the credit market, fired on by continued high activity and strong performance in the primary market. The investment grade index, iTraxx Europe, currently trades at 123bp down from 133bp on Friday, while the high yield index, iTraxx Crossover, trades at 750bp down from 790bp on Friday. The senior financials index has strongly outperformed the main index in recent weeks and now once again trades at a tighter level (as it should in our view). The good feeling in the market goes hand in hand with lower volatility and the VIX index is currently falling steadily.
The primary market continues to be extremely hot. During the first three days of the week, there have been a large number of new deals including several from the Nordic region. The Danish brewer Carlsberg came to the market with both a EUR and a GBP issue. The bonds tightened by some 40bp after issuance.
Published on Wed, May 20 2009, 12:32 GMT
Archive
- CDS indices remain range bound
Published On Fri, Nov 6 2009, 13:28 GMT - High spread volatility on the back of mixed economic news from the US
Published On Fri, Oct 30 2009, 18:24 GMT - The trend continues as spreads go gradually tighter
Published On Fri, Oct 23 2009, 10:49 GMT - Macroeconomic disturbances hurt markets
Published On Fri, Oct 2 2009, 12:32 GMT - Spreads are slightly tighter in an uneventful week
Published On Fri, Sep 25 2009, 09:40 GMT
Danske Bank
| Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com
Legal disclaimer and risk disclosure
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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