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THE MORNING BENCHMARK
TRADEWEB, IFR MARKETS AND REUTERS

EUROPEAN EDITION

BENCHMARKS (10 year)

Wednesday, November 6, 2013

TOP NEWS

Country

Price

Price Change

Yield

Yield change



Euro zone turns corner but growth, inflation subdued - EU

US

98.66

0.05

2.66

-0.01



ECB extends first data haul deadline to give banks extra

Germany

102.32

0.05

1.74

-0.01



U.S. service sector growth quickens in Oct-ISM

UK

95.84

-0.11

2.74

0.01



Fed should cap bond buys when confident on momentum -

Japan

101.75

-0.09

0.61

0.01

China

98.62

-0.16

4.25

0.02

Hong Kong

92.80

0.00

1.93

0.00

Singapore

104.20

-0.10

2.26

0.01

CURRENCIES

Williams



Fiscal mess should not deter U.S. Fed stimulus pullbackLacker



Italy's Saccomanni expects ECB to take stronger euro into
account

as of latest reported

Present

Prior

% chng

Yr-high

Yr-low

EUR/USD

1.3505

1.3474

0.2300

1.3832

1.2748

GBP/USD

1.6083

1.6044

0.2400

1.6380

1.4814

USD/CHF

0.9117

0.9135

-0.2000

0.9838

0.8891

USD/JPY

98.61

98.49

0.12

103.73

86.55

EUR/CHF

1.2312

1.2309

0.0200

1.2648

1.2072



Spain's jobless numbers up in October, no relief in sight



EU's Barroso urges Germany to act on euro imbalances

AMERICA CLOSE

ECONOMIC WATCH
GMT

Indicators

Unit Reuters

Prior

08:13

ES Markit Services PMI

--

49

49

08:43

IT

Markit/ADACI Services PMI

--

51.2

52.7

08:48

FR

Markit Services PMI

--

50.2

50.2

08:53 DE Markit Services PMI

--

52.3

52.3

08:58

EZ

Markit Services PMI

--

50.9

50.9

08:58

EZ

Markit Composite PMI

--

51.5

51.5

09:30 UK Industrial Output yy

%

1.8

-1.5

09:30 UK Manufacturing Output yy

%

0.7

-0.2

10:00

%

0.7

-0.3

11:00 DE Industrial Orders mm

EZ

Retail Sales yy

%

0.5

-0.3

15:00 US Lead Indicators

%

0.6

0.7

EUROPE CLOSE

CHINA’S PMI AND INDUSTRIAL OUTPUT
Click on the chart for full-size image

 For stories from IFR Markets click here
 For Tradeweb Markets update click here
 For Thomson Reuters Biggest CDS, Loans and Bonds
Movers click here

1

THE MORNING BENCHMARK

November 6, 2013

TOP NEWS FROM REUTERS
Euro zone turns corner but growth, inflation subdued - EU

ECB extends first data haul deadline to give banks extra

The euro zone economy will expand slightly more slowly next
year than expected because of weaker private demand and
investment, while inflation will stay well below the central bank
target over the next two years.
The Commission forecast that the economy of the 18 countries
that will share the euro from next year will expand 1.1 percent in
2014 after a 0.4 percent contraction this year. In 2015, the euro
zone is to accelerate to growth of 1.7 percent.
The last Commission forecast in May saw euro zone growth of
1.2 percent in 2014. But recession is behind the euro zone and
the pace of recovery will slowly accelerate quarter-on-quarter.
The Commission forecast the euro zone's aggregated budget
deficit would shrink to 2.5 percent of gross domestic product in
2014 and 2.4 percent in 2015 from 3.1 percent this year, as
consolidation continues at a slower pace to help growth.

The European Central Bank has eased the first deadline for
lenders to submit data to be used in its assessment of eurozone
banks after some banks said they did not have enough time to
meet the demands.
The extension underscores the challenge the central bank faces
in carrying out a broad review of Europe's banking to eliminate
doubts after five years of crisis and highlight weak spots and
before it takes over as banking supervisor in late 2014.
The ECB said it would not compromise the overall timeframe for
the tests but several bankers and supervisors have privately
warned that the timetable will be difficult to meet.
Fed should cap bond buys when confident on momentum Williams
The Federal Reserve should wait for stronger evidence of economic momentum before pulling back on its massive bondbuying program, but should then announce a definitive end to
the stimulus, John Williams, president of the San Francisco
Federal Reserve Bank, said on Tuesday.
"Instead of leaving it out in the open to say, 'Let's see how it
goes,'" he said, the idea would be to "switch in a way at the end
of it from the open-ended to the more closed-ended" style of
bond-purchases that the Fed followed in its first two rounds.
Williams, who earlier this year thought the Fed might be able to
end its bond-buying program by the end of 2013, on Tuesday
declined to give any indication of when he believes the Fed will
be ready to reduce bond buying.

U.S. service sector growth quickens in Oct-ISM
U.S. service-sector business activity picked up in October and
firms took on workers despite a partial government shutdown,
but new order growth slowed for a second straight month, an
industry report on Tuesday showed.
The Institute for Supply Management said its services index
rose a point to 55.4 last month. Economists had expected it to
slip to 54.0. Last month's reading was below the near eight-year
high of 58.6 reached in August.
The employment index rose to 56.2, bringing it closer to the sixmonth peak hit in August. It slipped to 52.7 in September.
But the forward-looking new orders component fell for a second
month running, checking in at 56.8 in October from 59.6 the
prior month.

Italy's Saccomanni expects ECB to take stronger euro into
account

Fiscal mess should not deter U.S. Fed stimulus pullbackLacker

Italy's Economy Minister Fabrizio Saccomanni said on Tuesday
he expects the European Central Bank will take current euro
strength into consideration when it discusses interest rates later
this week.
He also said the ECB has a role to play in supporting growth, a
statement likely to be interpreted as a call for more monetary
policy easing when the central bank announces its interest rate
policy on Thursday.
"The markets evidently continue to price in interest rates staying
at their current levels, which in turn leads to a strengthening of
the euro against other currencies," Fabrizio Saccomanni said
during a visit to London.

The U.S. government shutdown and other budget battles should
not derail the Federal Reserve from beginning to pull back the
pace of monetary stimulus soon, Richmond Fed President Jeffrey Lacker said.
Although Lacker said he did not want to preempt the Fed’s December 17-18 decision by making any date-specific calls, he
noted that he had opposed the latest round of bond purchases
all along.
Lacker said the effects of bond purchases on the real economy
were unclear, arguing the latest round of buying, already in excess of $1 trillion, had not made a major difference to U.S. economic growth, which continued to hover around 2 percent.

EU's Barroso urges Germany to act on euro imbalances
European Commission President Jose Manuel Barroso urged
Germany on Tuesday to do more to address economic imbalances in the euro zone by opening up its services market and
allowing wages to rise at a faster pace.
In a speech in St. Paul's Church in Frankfurt Barroso said Germany had "homework" to do to ensure stability in the currency
bloc, borrowing one of Chancellor Angela Merkel's favourite
terms for prodding reform in the struggling south.
Barroso's language was softer than that of the United States,
which reprimanded Germany last week for relying too heavily on
exports, an approach it said hampered economic stability in
Europe and hurt the global economy. But his message was
similar.

Spain's jobless numbers up in October, no relief in sight
Spain's registered jobless rose in October as tourist season
hires were laid off, suggesting an expanding economy has yet to
make inroads into an unemployment rate EU authorities expect
to stay above 25 percent through 2015.
The number of registered jobless rose by 87,028 people, leaving 4.81 million out of work, adjusted data from the Labour Ministry showed on Tuesday. The increase was especially pronounced in the services and agriculture sectors.
In macroeconomic forecasts for euro zone countries published
in Brussels on Tuesday, the European Commission said it expected Spain's unemployment rate to inch up to an average of
26.4 percent in 2014, dropping only marginally to 25.3 percent
in 2015.

2

THE MORNING BENCHMARK

November 6, 2013

MORNING MEETING FROM IFR MARKETS
THE EUROPEAN MORNING MEETING

Tuesday). Short covering from European desks as they headed
home began to stabilize prices by early afternoon. Then the
wave of corporate deal pricings later in the session encouraged
more short covering in addition to anticipatory rate-lock unwinds. A block buy of Ultra bonds also helped prices bounce off
the lows.
• By the futures close, treasuries had pared some of their losses
with the yield on cash 10-year notes 5.8 bps higher at 2.662%;
the 2-year yield rose 0.8 bps to 0.305%.

A strong October US ISM non-mfg PMI (55.4 vs poll +54.0)
seemed to spook the market as good news is bad now with Fed
tapering again on the market radar. The S&P 500 index closed
modestly lower at 1762 (-0.28%) while yields on Treasury 10s
shot 7 bps higher to close at 2.67%.
Asian stock indices today are mixed. The MSCI Asia ex-Japan
index is flat while the Nikkei 225 index is +0.9%. BOJ minutes
contained no surprises while Australian trade data came in
slightly better than expected with a deficit of -A$284m vs poll A$450m. The ASX 200 index is flat. S&P 500 futures are +0.5%
at time of writing.
10-year US Treasury yields are slightly below the NY close at
2.66% in Tokyo trading. Today sees Challenger layoffs in the
US ahead of tomorrow's advance Q3 GDP figures, while Europe
sees EZ Retail Sales and Services PMI ahead of tomorrow's
ECB rates meeting. Spain / Italy / France / Germany all have
Services PMIs (Germany also sees Industrial Orders figures).
The UK sees house price data and Industrial Output numbers
ahead of tomorrow's BOE meeting.

OVERNIGHT EVENTS
• BoJ Oct 3-4 Policy Board minutes – Recovery on track, households spending more, firms upping CAPEX plans, CPI to continue to rise, US Fed taper risk.
• Japan Toyota ups profit forecast, Mitsubishi Motors to double
China sales, build new plants in the Philippines, Indonesia –
NHK, Reuters.
• SF Fed Williams – Wants convincing case that economy can
grow well above trend without added stimulus before tapering,
economy has under-performed, growth disappointing, rates too
low in spring then got too high, reasonably positioned now, no
stock market bubble now – Reuters.
• Two heavyweight Fed papers argue for stronger policy action
– Reuters.
• Australia Sept trade balance A$284 mln deficit, A$450 mln
deficit eyed, exports unch m/m, imports -1%.
• Australia Oct new vehicle sales -3.1% y/y, passenger cars 4.6%, SUVs +1.7%.
• NZ Q3 unemployment 6.2%, employment +1.2% q/q, participation 68.6%, 6.3%, +0.5% and 68.1% eyed, last 6.4%, +0.4%,
rev 68.1%.
• NZ Q3 LCI priv-sector wages ex-o’time +0.4% q/q, +1.6% y/y,
+0.5%, +1.7% eyed.
• NZ Oct new car registrations +9.5% m/m, +8.5% y/y.
• NZ Fonterra GDT price index -1.8%, last -1.9%, volume jumps
14%.

OVERNIGHT PRESS
• China eyes adopting international law to spark life into trade
zones
• Chinese premier warns against loose money policies
• EU to fine Deutsche, JP Morgan and others in rate probe source
• Euro zone turns corner but growth, inflation subdued - EU
• US regulator revives plan to limit excessive commodity bets
• US services sector growth quickens in October - ISM
• Fed could keep US rates rock-bottom into 2016 - Rosengren
• US home ownership rate holds near 18-year lows
• Formber ECB chief economist sees no deflationary risks
• EU Commission predicts euro will get even stronger
• BOJ's Kuroda offers upbeat view on China, US outlook despite
risks
• Fiscal mess should not deter Federal Reserve stimulus pullback - Lacker
• EU's Barroso urges Germany to act on Euro imbalances

Looking Ahead - Economic Data (GMT)
08:00 GBP Oct Halifax HPI, +0.9% m/m, +7.0% y/y eyed; last
+0.3%, +6.2%.
08:13 ESP Oct PMI services, 49.0 eyed; last 49.0.
08:43 ITA Oct PMI services, 51.2 eyed; last 52.7.
08:48 FRA Oct PMI composite; last 50.1
08:48 FRA Oct PMI services, 50.2 eyed; flash 50.2.
08:53 GER Oct PMI composite; last 53.2.
08:53 GER Oct PMI services, 52.3 eyed; flash 52.3.
08:58 EUR Oct PMI services, 50.9 eyed; flash 50.9.
08:58 EUR Oct PMI composite, 51.5 eyed; flash 51.5.
09:30 GBP Sep ind production, +0.5% m/m, +1.8% y/y eyed;
last -1.1%, -1.5%.
09:30 GBP Sep mfg production, +1.1% m/m, +0.7% y/y eyed;
last -1.2%, -0.2%.
10:00 EUR Sep retail sales, -0.4% m/m, +0.7% y/y eyed; last
+0.7%, +0.3%.
11:00 GER Sep industrial orders, +0.5% m/m eyed; last -0.3%.
12:30 USD Oct Challenger/Gray/Christmas job cuts; last
40,289.
15:00 USD Sep leading indicators, +0.6% m/m eyed, IFR
+0.8%; last +0.7%.

LATE TREASURY SESSION
• Treasury yields continued to rise on Tuesday after a reprieve
on Monday with pressure applied right out of the Tokyo chute as
the serial block seller of TYZ3 was back. These block sales over
the course of last week have been linked to a Japanese Trust
Bank hedging an MBS portfolio and after a two-day hiatus the
supposed account was again a standout seller.
• Traders had to be quick as the poor price action into the CME
open motivated CTA sellers who were already lined up to sell.
Dealers too liquidated longs as another plethora of corporate
supply was on tap today (over $13 bln expected to price among
12 issuers) and more on the way as issuers are getting in their
funding before year end - striking while the iron is hot as the
supply is being met with strong demand.
• Real money nibbled in the early trade, but the bears were
again vindicated after non-manufacturing ISM rose more than
expected. Fresh algos selling kicked in at the lower prices and
along with more block sales, led treasury prices to the lows of
the session. Dealers and leverage funds were sellers all session
with the impending duration-heavy Refunding supply, to be announced on Wednesday, another motivation to liquidate vestige
longs. They set fresh shorts and barreled into bear steepeners.
• But even as cash 10-year yields sailed above 2.65%, they
failed to test the 2.69% support level, with TYZ3 also only flirting
with a trade below the 126-14 support (tagged 126-12+ on

Looking Ahead - Events, Auctions (GMT)
N/A BoE MPC begins two-day policy meeting, Sweden treasury
bill auction.
08:30 Riksbank October policy meeting minutes.
10:30 Germany E4.0 bln 1.0% 2018 Bobl auction.
N/A 10th Annual Ontario Economic Summit in Toronto, FinMin

3

THE MORNING BENCHMARK

November 6, 2013

MORNING MEETING FROM IFR MARKETS

(continued)

Flaherty speech.
13:30 US Treasury qtrly refunding announcement/15:00 Tsy
Rutherford briefing.
13:30 US Tsy Miller in New York panel discussion.

18:10 Cleveland Fed Pianalto speech in Columbus, Ohio.
richard.sexton@thomsonreuters.com

EUROPEAN CDS LOOK AHEAD FROM IFR MARKETS
Published on Nov 5

The auction should, however, benefit from some decent RV,
where the bond still sits on an inherently cheap kink in the German curve, trading inverted versus surrounding old Bunds and
also cheap on the swap box versus the OBL166.
That should lead to smooth digestion of paper here, although
the spectre of the event risk later on this week could lower the
impressive cover ratio from the last auction. The bidding deadline is at 0930 GMT, with results shortly after.

Look out for:
PMI Services and core supply.
We certainly have bigger fish to fry in terms of both data and
supply over the final two days of this week, but Wednesday will
provide an interesting appetizer.
On the data side, it will be time to take a look at the health of the
services industry in Europe with a swathe of PMI data across
the continent.
In the periphery, Spanish Svcs PMI in October is expected at
49.0, unchanged from the September print, with the Italian
equivalent expected to drop to 51.2 from 52.7.
In the core, French, German and area wide PMIs are expected
to be unchanged from the flash prints a couple of weeks ago at
50.2, 52.3 and 50.9 respectively. The data will be released between 0813 and 0858 GMT.
Once the PMIs are out of the way we get some core supply
ahead of France’s new 10yr OAT and Spain’s taps of 5, 10 and
13yr Bonos on Thursday when the German Finance Ministry
taps the current on-the-run 5yr benchmark, OBL 167, to the
tune of EUR4bn. The issue was last auctioned on October 9
and attracted solid enough demand with a 2:1 cover ratio and
an average price 3 ticks above the market as the bidding deadline expired with no tail.
Since that auction, German 5yr yields have fallen from 0.83% to
trade at 0.67%, their lowest levels since the middle of August.

ECONOMIC DATA:
It is a bit of a case of the calm before the storm in the US, with
no salient data scheduled.
Aside from the PMI data in Europe, we get area wide Retail
Sales for September at 1000 GMT, which are expected at -0.4%
m/m and 0.7% y/y. That is followed an hour later by German
Industrial Orders for September, which are expected at 0.5%.
In the UK, we get Industrial and Manufacturing output numbers
for September at 0930 GMT, which are expected at 0.5% and
1.1% m/m respectively.
CORPORATE EARNINGS/ EVENTS:
In Europe there are five index constituents announcing Q3 numbers, with the Main’s Adecco, Alstom, ING and Wolters Kluwer
all stepping up to the plate. The Crossover’s only representative
is Lafarge, which will announce Q3 numbers at 0600GMT.
In the US, 20 constituents of the S&P 500 are due to report Q3
numbers, with the highlights coming in the form of Prudential's
and Time Warner’s earnings.

View The Morning Benchmark information in real-time
Please use the following chart to access the related news and data from The Morning Benchmark newsletter within your Thomson
Reuters product.
IFR Markets Services Guide

<IFRINDEY>

Main Tradeweb Content Guide

<TRADEWEB>

IFR Global Rates Newswire

[IFRR]

Tradeweb Swaps Guide

<TWEBSWAPS>

IFR Credit Newswire

[IFRC]

Tradeweb Euro Gov’t Debt Guide

<TWEBEURO>

News Search for Morning Meeting articles

IFR and “Morning Meeting”

Tradeweb JGB’s Guide

<TWEBJGB>

News Search for IFR Tradeweb articles

IFR and “Tradeweb”

Tradeweb Agency Guide *

<TWEBAGENCY>

News Search for Credit Open articles

IFR and “Credit Open”

Tradeweb TBA MBS Guide *

<TWEBMBS>

News Search for IFR Govts articles

IFR and “GOVTS”

TR EOD CDS Data

<REUTERSCDS>

Main CDS Guide

<CDSINDEX>

Corporate Bond Guide

<US/CORP1>

* = Fee-liable service
All codes in <> should be entered in a quote browser.
All codes in "" should be entered in a news browser.

4

THE MORNING BENCHMARK

November 6, 2013

TRADEWEB MARKETS

AS OF 6:00 AM GMT

EURO SOVEREIGNS - 2YR - Current

EURO SOVEREIGNS - 5YR - Current

EURO SOVEREIGNS - 10YR - Current

Country Coupon

Close

Country Coupon Close

Country Coupon Close

UK

4.75

0.464

-0.025

0.322

UK

1.25

1.536

0.041

0.825

UK

2.25

2.711

0.095

0.979

DE

0.25

0.142

0.016

0.000

DE

1.00

0.711

0.097

0.000

DE

2.00

1.732

0.128

0.000
0.478

Change Spread-DE

Change Spread-DE

Change Spread-DE

FR

0.25

0.309

0.021

0.167

FR

1.00

1.081

0.098

0.370

FR

1.75

2.210

0.101

IT

3.00

1.638

-0.475

1.496

IT

3.50

2.889

0.002

2.178

IT

4.50

4.175

0.011

2.443

AT

3.50

0.214

-0.036

0.072

AT

4.65

0.773

-0.007

0.062

AT

1.75

2.103

0.001

0.371

BE

3.75

0.316

-0.057

0.174

BE

1.25

1.151

0.024

0.440

BE

2.25

2.468

0.002

0.736

ES

2.75

1.270

-0.184

1.128

ES

3.75

3.210

-1.659

2.499

ES

4.40

4.100

0.090

2.368

FI

4.25

0.171

-0.045

0.029

FI

1.88

0.543

-0.034

0.168

FI

1.50

1.978

-0.070

0.246

GR

-

-

-

-

GR

-

-

-

-

GR

2.00

8.084

0.164

6.352

IE

4.50

1.807

-1.950

1.665

IE

5.50

2.507

-1.788

1.796

IE

3.90

3.754

-1.620

2.022

PT

3.35

3.781

-0.318

3.639

PT

4.45

5.579

-1.677

4.868

PT

4.95

6.405

-1.642

4.673

DK

2.50

0.375

0.000

0.233

DK

4.00

1.046

0.000

0.335

DK

1.50

1.847

0.000

0.115

SE

4.50

1.048

0.000

0.906

SE

4.25

1.771

0.000

1.060

SE

1.50

2.373

0.000

0.641

U.S. TREASURIES
Bid

Ask

<0#USBMK=TWEB>
Change
Yield

JGBs
2-Year
5-Year
10-Year
20-Year
30-Year
40-Year

2-Year

99.906

99.914

0.298

-0.007

3-Year

100.164

100.172

0.569

-0.013

5-Year

99.461

99.469

1.362

-0.018

7-Year

98.125

98.141

2.040

-0.014

10-Year
30-Year

98.703
97.578

98.719
97.594

2.651
3.761

-0.011
0.003

EUR IRS

<TWEBIRS>
Close

2-Year
5-Year
10-Year
30-Year

Change
1.150
2.100
1.850
0.550

0.375
0.425
0.425
0.029

EUR SWAP SPREADS-Current
2-Year
5-Year
10-Year

Bid
0.519
1.152
2.031

Ask
0.524
1.157
2.036

EUR OIS - Prev. Close
1M
2M
3M
4M
5M
6M
9M
12M

Close
0.099
0.111
0.111
0.111
0.113
0.116
0.128
0.145

Change
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000

GBP IRS
2-Year
5-Year
10-Year
30-Year

<TWEBIRS>
Close
0.404
0.222
-0.015
-0.250

USD IRS

Change
2.250
1.950
2.150
1.850

Bid
0.854
1.764
2.707

Close
0.418
0.417
0.419
0.419
0.420
0.422
0.431
0.446

100.001
99.971
101.738
102.949
102.938
104.444

100.019
100.019
101.832
103.233
103.289
105.137

<TWEBIRS>
Change
-0.500
-0.400
-0.450
-0.650

USD SWAP SPREADS-Current

Ask
0.864
1.776
2.718

Bid
0.407
1.489
2.786

2-Year
5-Year
10-Year

Ask
0.412
1.494
2.791

USD OIS - Prev. Close

GBP OIS - Prev. Close
1M
2M
3M
4M
5M
6M
9M
12M

Ask

Close
0.116
0.131
0.141
-0.031

2-Year
5-Year
10-Year
30-Year

GBP SWAP SPREADS-Current
2-Year
5-Year
10-Year

Bid

Change
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000

5

1M
2M

Close
0.082
0.084

Change
-0.001
-0.003

3M
4M
5M
6M
9M
12M

0.086
0.087
0.091
0.093
0.101
0.110

-0.003
-0.002
-0.003
-0.002
-0.002
0.000

<0#JPBMK=TWEB>
Change
Yield
0.099
0.206
0.613
1.507
1.653
1.711

0.000
-0.024
-0.096
0.077
0.122
0.073

JPY IRS
2-Year
5-Year
10-Year
30-Year

<TWEBIRS>
Bid
0.115
0.159
0.176
0.119

Ask
0.128
0.159
0.178
0.129

JPY SWAP SPREADS-Current
2-Year
5-Year
10-Year

Bid
0.213
0.350
0.776

Ask
0.223
0.360
0.786

CDS - EUROPE iTraxx -Prev. Close
EUR-5Y
EUR-10Y
XOVER-5yr

Bid
84.750
129.750
348.250

Ask
85.375
129.750
351.000

HiVol-5yr

126.375

132.750

CDS - U.S. Prev. Close
Bid

Ask

IG.20-3Y

46.171

53.409

IG.20-5Y

70.977

82.105

IG.20-7Y
IG.20-10Y

110.500
107.850

110.500
125.400

THE MORNING BENCHMARK

November 6, 2013

THOMSON REUTERS CDS BIGGEST MOVERS - Nov 5
Markit Intra-day prices. Convention spread for lower risk entities is based off the 100bp fixed coupon, while the convention spread for higher risk entities is based off the 500bp fixed coupon.

CREDIT IMPROVEMENT - LOWER RISK ENTITIES
(CDS whose 5Yr spreads are <500bps)

CREDIT DETERIORATION - LOWER RISK ENTITIES
(CDS whose 5Yr spreads are <500bps)

EUROPE/ MID EAST/ AFRICA

EUROPE/ MID EAST/ AFRICA

Name

RIC

ConvSprd % Chg

Name

RIC

MAN STR HLDG

EMG5YEUAM=MG

164.60

NETHERLANDS

NLGV5YUSAC=MG

35.34

REXAM

REXZ5YEUAM=MG

86.00

UNILEVER NV

UN5YEUAM=MG

SUEDZUCKER

SZUG5YEUAM=MG

-51.16

EDISN

EDN5YEUAM=MG

61.50

-7.43

INVENSYS

ISYS5YEUAM=MG

62.61

3.80

-7.03

PUBLICIS GROUPE

PUBP5YEUAM=MG

43.84

3.56

26.50

-6.19

ATLANTIA

AUTS5YEUAM=MG

133.50

3.29

73.34

-3.19

FRESENIUS

FREG5YEUAM=MG

135.50

3.27

CREDIT IMPROVEMENT - HIGHER RISK ENTITIES
(CDS whose 5Yr spreads are >=500bps)

ConvSprd % Chg
6.96

CREDIT DETERIORATION - HIGHER RISK ENTITIES
(CDS whose 5Yr spreads are >=500bps)

EUROPE/ MID EAST/ AFRICA

EUROPE/ MID EAST/ AFRICA

Name

RIC

ConvSprd % Chg

Name

RIC

RALLYE
GROHE HOLDING

GENC5YEUAM=MG
GROH5YEUAM=MG

-2.84
-1.69

ALLIANCE BOOTS H

BOOT5YEUAM=MG

102.36

6.77

UNIPOL GRUPO FIN

UNPI5YEUAM=MG

212.09

6.45

UKRAINE

UAGV5YUSAC=MG

WENDEL

WEND5YEUAM=MG

972.50

-1.52

SCANDNVN AIR SYS

SASA5YEUAM=MG

512.27

3.76

218.50

-1.35

ISS AS

FSFN5YEUAM=MG

96.50

PORTGL TELCM FIN

PTCF5YEUAM=MG

296.00

2.94

-1.33

BANCO POPOLARE

BCVE5YEUAM=MG

357.50

2.63

Avg. Bid

% Chg

325.00
66.50

ConvSprd % Chg

THOMSON REUTERS BIGGEST LOAN MOVERS - Nov 5
CREDIT IMPROVEMENT

CREDIT DETERIORATION

EUROPE/ MID EAST/ AFRICA

EUROPE/ MID EAST/ AFRICA

Name

RIC

Avg. Bid

% Chg

Name

CORTEFIEL SA
YELL GROUP PLC (

<C000DJ039TB1=R>

65.30

19.41

BARRACUDA GROUP <B000E6019TC1=R>

28.50

-14.93

<Y0000J041TB4=R>

22.57

7.20

QUINN GROUP LTD

<Q0001G022NT1=R>

20.00

-13.98

CBR HOLDING GMBH <C000CP034TC1=R>

83.00

6.64

SEAT PAGINE GIAL

<S00086044TB1=R>

23.39

-6.62

VIVARTE SA

<V0002K045TB1=R>

90.50

5.92

BIFFA WASTE SERI

<B000AF023TB1=R>

28.00

-5.88

CAMAIEU SA

<C000K1012TC1=R>

78.25

5.60

ALMA CONSULTING

<A000GT010TB1=R>

21.33

-5.19

RIC

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object, or go to CreditViews.
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6


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