- European credit indices remained range bound last week with iTraxx main trading the 59.5-62.5 range, ending unchanged at around 60bp. The iTraxx Crossover index was range bound between 272bp and 293bp, closing more or less unchanged at 276bp. The volatility in long dated rates continued with 10-year bund yields opening the week at around 53bp, widening to 77bp to close around 62bp.
- US jobless claims came in at 264,000 – the lowest level since April 2000 – while retail sales in the US recorded their first quarterly decline in three years. It is hoped the FOMC minutes released this week will shed more light on a future rate hike from the Fed.
- The new issue market in Scandinavia was relatively muted, due partly to last week’s public holiday. However, there were a handful of deals printed, including NOK1bn Norwegian Air Shuttle, USD150m Golar LNG Partners and SEK1.2bn Skandiabanken FRN. Danske Bank expects further issuance in the coming weeks across the ratings spectrum.
The material has been provided by InstaForex Company – www.instaforex.com