Asia High Yield Bond Index

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

Credit
116 Views, 06 Dec 2021 12:23
EXECUTIVE SUMMARY
US equity markets dropped on Friday with the S&P and Nasdaq closing 0.8% and 1.9% lower respectively as Omicron jitters hit markets along with softer payrolls data. Most sectors were in the red led by Consumer Discretionary and IT, down over 1.7% each. US 10Y Treasury yields moved 4bp lower to 1.38% after falling over 10bp intra-day on Friday due to the risk-off sentiment and softer NFP data. European markets were lower too with the DAX, CAC and FTSE down 0.6%, 0.4% and 0.1% respectively . Brazil’s Bovespa was up 0.6%. In the Middle East, UAE’s ADX was closed while Saudi TASI was up 2.4% on Sunday. Asian markets have opened mixed – Shanghai and STI were up 0.4% and 0.8% while HSI and Nikkei were down 1.4% and 0.6% respectively. US IG CDS spreads widened 1.1bp and HY CDS spreads widened 7bp. EU Main CDS spreads were 0.6bp wider and Crossover CDS spreads were 2.4bp wider. Asia ex-Japan CDS spreads tightened 1.3bp.
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