Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

US equity markets were closed on Monday on account of Martin Luther King Jr. Day. US 10Y Treasury yields rose 14bp to 1.85% over increased expectations of a Fed rate hike in March. European markets closed higher on Monday with the DAX, CAC and FTSE up 0.3%, 0.8% and 0.9% respectively. Brazil’s Bovespa closed 0.5% lower. In the Middle East, UAE’s ADX was 0.15% lower while Saudi TASI was up 0.46%. Asian markets have opened broadly higher – Shanghai, STI and Nikkei are up 0.9%, 0.2% and 0.4% while HSI is down 0.1%. US IG and HY CDS spreads were unchanged, EU Main CDS spreads were 0.5bp wider and Crossover CDS spreads were 1.7bp wider. Asia ex-Japan CDS spreads widened 3.9bp.