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THE MORNING BENCHMARK
TRADEWEB, IFR MARKETS AND REUTERS

EUROPEAN EDITION

BENCHMARKS (10 year)

Tuesday, January 8, 2014

TOP NEWS
 Weak imports drive U.S. trade deficit to four-year lows

Country

Price

Price Change

Yield

Yield change

US

98.27

-0.14

2.95

0.02

Germany

100.98

0.01

1.89

0.00

UK

94.17

0.03

2.95

0.00

 Surprise drop in euro zone inflation shows deflation risk

Japan

99.00

-0.06

0.71

0.01

 Ireland draws bumper demand for first post-bailout bond

China

95.81

0.67

4.62

-0.09

 PREVIEW-China economy to post softer growth in Q4, no

Hong Kong

96.00

-0.05

2.41

0.01

Singapore

101.82

-0.33

2.53

0.04

CURRENCIES

 Fed's Rosengren gets comfortable with QE cuts, Williams
sees steady taper

policy changes seen

 UK new car sales rise to highest level since 2007

as of latest reported

Present

Prior

% chng

Yr-high

Yr-low

EUR/USD

1.3628

1.3615

0.1000

1.3775

1.3572

GBP/USD

1.6410

1.6401

0.0500

1.6603

1.6339

USD/CHF

0.9082

0.9090

-0.0900

0.9101

0.8910

USD/JPY

104.96

104.60

0.34

105.44

103.92

EUR/CHF

1.2378

1.2377

0.0100

1.2384

1.2267

AMERICA CLOSE

U.S. Yield
Yield-percent

U

5
4
3

ECONOMIC WATCH
GMT

Indicators

2

Unit Reuters

Prior

1
0

0700 DE Exports mm sa

%

0.4

0.2

0700 DE Imports mm sa

%

0.3

2.9

0700 DE Trade Bal sa, EUR

Bln

18

16.8

0800 GB Halifax Homes mm

%

0.7

1.1

0800 GB Halifax Homes 3m/y

%

8.3

7.7

0900 NO Mfg Output mm

%

0.5

-0.6

0900

IT

Unemployment Rate

%

12.5

12.5

1000

EZ Unemployment Rate

%

12.1

12.1

1100 DE Industrial Orders mm

%

1.5

-2.2

1315 US ADP national employment

K

200

215

Bln

15

18.19

2000 US Consumer Credit

3M

6M

1Y

2Y

3Y

5Y

7Y

10Y

30Y

EUROPE CLOSE
Regional Yield Curves
Yield-percent

EUR

GBP

CHF

4
3
2

U.S. TRADE BALANCE

1

Click on the chart for full-size image
0
1M

6M

2Y

4Y

6Y

8Y

10Y

20Y

50Y

-1

 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

January 8, 2014

TOP NEWS FROM REUTERS
Weak imports drive U.S. trade deficit to four-year lows

Fed's Rosengren gets comfortable with QE cuts, Williams
sees steady taper

The U.S. trade deficit fell to its lowest level in four years in November as exports hit a record high and weak oil prices held
down the import bill, the latest evidence of strengthening economic fundamentals.
The trade gap fell 12.9 percent to $34.3 billion, the Commerce
Department said. That was the smallest deficit since October
2009 and was below economists' expectations for a $40 billion
shortfall.
When adjusted for inflation, the gap narrowed to $44.6 billion in
November from $47.0 billion the prior month.
In November, exports rose 0.9 percent to $194.9 billion. That
was the highest on record and marked a second straight month
of gains. There were increases in exports of industrial supplies,
capital goods and automobiles.
Overall imports fell 1.4 percent to $229.1 billion in November.
Part of the decline reflected a lower petroleum import bill, which
was the smallest since November 2010.

Two top Federal Reserve officials said on Tuesday they expected the U.S. central bank to reduce its stimulus at a steady
pace, with the lone official to dissent against the Fed's decision
to trim its bond buying saying he was comfortable with the approach.
Boston Fed President Eric Rosengren, who voted against the
Fed's decision last month to reduce its monthly bond buying by
$10 billion, told Reuters the central bank should not take any
"dramatic steps" to wind down asset purchases.
"I'm comfortable with the current approach that it looks like
we're going to be following through on," he said after giving a
speech to an economic forum in Hartford.
San Francisco Fed President John Williams, speaking in Phoenix, Ariz., said the central bank was likely to continue to cut its
asset purchase program at a "steady, measured" pace in coming meetings.

Surprise drop in euro zone inflation shows deflation risk

Ireland draws bumper demand for first post-bailout bond

Euro zone inflation fell in December after a small increase the
previous month, increasing the European Central Bank's challenge of avoiding deflation as well as supporting the bloc's recovery.
Consumer price inflation in the 17 countries then sharing the
euro stood at 0.8 percent year-on-year in the last month of
2013, compared with 0.9 percent in November, data from the
EU's statistics office Eurostat showed on Tuesday.
"Today's figures show that it's too early for the ECB to become
complacent about deflation risks, especially in peripheral countries," said Peter Vanden Houte, ING's chief euro zone economist, referring to the bloc's weaker members.
Eurostat's separate data release showed euro zone industrial
producer prices eased their decline in November to fall by 0.1
percent on the month after a 0.5 percent drop in October, putting the annual rate at -1.2 percent, compared with a nearly four
-year low of -1.3 percent seen in October.

Ireland made a storming return to the international bond market
on Tuesday, with bumper demand for the country's first debt
sale since exiting its EU/IMF bailout helping to drive down yields
across the euro zone's periphery.
Investors bid more than 14 billion euros ($19 billion) for the new
10-year bond sold via syndication, nearly four times the size of
the final 3.75 billion euro issue, the country's NTMA debt
agency said.
The bond - the first Dublin has sold since last March - was
priced at mid-swaps plus 140 basis points, giving a yield of just
over 3.5 percent, and marked a substantial step towards a target of raising 6-10 billion euros this year.
"This sale shows that Ireland has fully exited the EU/IMF
(bailout)," Finance Minister Michael Noonan said in a statement.
"The yield of 3.54 percent illustrates the strength of Ireland's
international reputation and brings us far closer to the borrowing
rates of the strongest European economies."

PREVIEW-China economy to post softer growth in Q4, no
policy changes seen

UK new car sales rise to highest level since 2007
British new car sales rose to their highest level since 2007 last
year, bucking a weak European trend to grow by 10.8 percent
on the year, industry data for the continent's second-largest car
market shows.
Cheap finance was a major factor in helping to shift 2.265 million cars in 2013, the Society of Motor Manufacturers and Traders said on Tuesday, up from 2.045 million in 2012 and slightly
beating its forecast for sales of 2.25 million.
It also said billions of pounds in compensation paid to consumers by banks for past insurance mis-selling had helped some
car-buyers fund deposits.
Sales in December alone were 24 percent up on the same
month in 2012, though the industry expects this rate of growth to
slow sharply this year as sales plateau at levels close to those
reached before the financial crisis.
Car sales were helped by incentives in December, said Richard
Lowe, head of retail and wholesale banking at Barclays.

China's annual economic growth likely slowed a touch in the
fourth quarter, a Reuters poll showed, confirming market views
that the world's second-largest economy lost some vigour at the
end of the year as Beijing shifts its focus to reforms.
The median forecast of 24 economists polled by Reuters
showed China's gross domestic product (GDP) likely grew 7.6
percent between October and December from a year earlier,
slower than 7.8 percent in the third quarter and likely to put
2013 GDP on track for the weakest showing in 14 years.
Industrial output is forecast to grow 9.8 percent in December
from a year earlier, moderating from a rise of 10 percent in November.
Growth in retail sales is forecast to edge down slightly to 13.6
percent from 13.7 percent in November, while fixed-asset investment is also likely to have inched down to 19.8 percent in
December year-to-date versus 19.9 percent in November.
Consumer inflation is expected to ease to a four-month low of
2.7 percent in December versus November's 3 percent, which
analysts said could provide room for Beijing to keep macro policies stable to push on with structural reforms.

2

THE MORNING BENCHMARK

January 8, 2014

MORNING MEETING FROM IFR MARKETS
THE EUROPEAN MORNING MEETING

• Much of the buying was again short covering by both real
money managers and fast money mainly hedge funds. The recent year end process has contributed to the rally that saw 10s
hit the low yield for the move today at 2.935%; into year end bad
longs were purged into dealers collapsing balance sheets/risk
profiles while real money portfolios did not scoop the cheapened
paper amidst worries of fund redemptions into 2014.
• At the close the Dow was up +125, 5-year yields dipped 1.1
bps to 1.679%, 10s slipped 1.7 bps to 2.941% while 30s blipped
lower by 1.2 bps to 3.888%.

Better than expected German retail sales figures and a narrowing trade deficit resulting from a marked improvement in US
export numbers buoyed sentiment on European and US stock
indices on Tuesday - the S&P 500 index closed +0.61% at
1837. Treasury yields fell despite a sluggish 3-year Treasury
auction and signs the global economy was on a sound footing the yield on 10s closed nearly 3 bps lower at 2.93%. Dovish
comments from the Fed's Rosengren (2014 non-voter and
dove) and Williams (non-voter, dovish).
Asian stock markets are seeing a rally today - the MSCI Asia ex
-Japan index is +0.8% while the Nikkei 225 index is +1.5%. The
ASX 200 index is lagging the region (flat). S&P 500 futures are
+0.1% while yields on Treasury 10s are trading up to 2.95% in
Tokyo trading. Event risk later in the week should keep trading
fairly subdued today - the record cold weather in the US is also
likely to affect liquidity.

OVERNIGHT EVENTS
• Nikkei rallies, USD/JPY bid, market again risk-on.
• UK Dec BRC shop price index -0.8% y/y, biggest fall in any
month since series
began in ’06, Nov -0.3%.
• Australia Nov qtr job vacancies -1.7%, government cutbacks
cited.
• Dairy prices fall, volumes drop at latest NZ Fonterra auction Reuters.

OVERNIGHT PRESS
• Oil rises to $107 on Mideast, US supply concerns
• China approves massive new coal capacity depsite pollution
fears
• Record freeze extends to eastern United States, at least 9
dead
• Frigid temperatures snarl some US refinery operations
• Ireland draws bumper demand for first post-bailout bond
• Weak imports drive US trade deficit to four-year lows
• Fed's Rosengren gets comfortable with QE cuts, Williams sees
steady taper
• In trimming QE, low inflation a cause for caution - Fed's
Rosengren
• Renewal of jobless benefits clears US Senate hurdle
• Firming US economy seen supporting jobs market in December
• Surprise drop in euro zone inflation shows deflation risk
• China economy to post softer growth in Q4, no policy changes
seen

Looking Ahead - Economic Data (GMT)
07:00 GER Nov trade balance, E17.2 bln surplus sa eyed; last
E16.8 bln surplus.
07:00 GER Nov exports/imports, +0.4%, +0.8% m/m sa eyed;
last +0.2%, +2.9%.
09:00 ITA Nov unemployment, 12.7% eyed; last 12.5%.
09:00 NOR Nov manufacturing output; last -0.6% m/m.
10:00 EUR Nov retail sales; last -0.2% m/m, -0.1% y/y.
10:00 EUR Nov unemployment; last 12.1%.
11:00 GER Nov industrial orders, +1.3% m/m eyed; last -2.2%.
13:15 USD Dec ADP employment, +200k eyed, range 170240k; last +215k.
20:00 USD Nov consumer credit, $15.0 bln eyed, IFR $16.0 bln;
last $18.19 bln.
Looking Ahead - Events, Auctions (GMT)
N/A EU Pres Dijsselbloem in Singapore (till January 11).
N/A BoE MPC begins two-day meeting.
N/A Sweden treasury bill auction.
08:30 Riksbank December monetary policy meeting minutes.
19:00 FOMC December 18-19 meeting minutes.

LATE TREASURY SESSION
• The past few days trading profile was prologue again Tuesday,
bull flattening, with the only difference being that 5s underperformed 7s to 30s along with 2s and 3s. Certainly the 3-year auction led to some flattening as optical curve concession but the
flattening will not grease Wednesday’s $21 bln 10-year reopening or Thursday’s $13 bln 30s reopening auction.

richard.sexton@thomsonreuters.com

3

THE MORNING BENCHMARK

January 8, 2014

EUROPEAN CDS LOOK AHEAD FROM IFR MARKETS
Published on Jan 7

ECONOMIC DATA:
The only other release in the US aside from ADP comes in the
form of November Consumer Credit. Outstanding non-mortgage
consumer credit is expected to have grown by around
USD15.5bn. That would be less of a rise than October’s big
USD18.1bn jump, but still in line with the trend of about the last
year. The year-on-year gain in credit would slip a tenth to
+6.2%, assuming no significant revisions.
October’s solid growth was particularly surprising given the government shutdown, though it may have been that some cashstarved families were driven to rely on plastic out of necessity,
resulting in a USD4.3bn rise in revolving credit. We look for a
partial reversion this month, with a decline on the order of about
USD1.5bn. On the other hand, autos had an excellent sales
month, which should boost non-revolving credit. We look for a
rise there of about USD17.0bn, which would be the fastest in
five months.
Over in Europe, proceedings kick off with the German Trade
Balance on the open, which is expected at EUR18bn in November, up from the EUR16.8 seen in October thanks to a large rise
in exports. That is followed by Italian unemployment at 0900
GMT, where the rate is expected to remain at 12.5%. German
industrial orders round off proceedings at 1100 GMT, and are
expected at 1.5%.

Look out for:
The FOMC minutes and an early 2014 red herring.
Now unless you were on a different planet on the Wednesday
before Christmas, you will already know that the Fed decided to
start to taper its QE programme at the December 17/18 meeting, slowing down purchases by USD5bn Treasuries and
USD5bn mortgage backed securities.
Well tomorrow we get the minutes of that meeting, and what will
be interesting here is to see the degree of dissent on the tapering debate apart from that noted by Rosengren in the FOMC
statement that accompanied the news. The other major point to
look out for in the minutes will be any Fed thoughts on communicating its future tapering schedule, though in the statement it
continued to maintain that such moves remained datadependent.
And the main data release that could alter the Fed’s train of
thought is Friday’s BLS Employment report. And before we have
the opportunity to dissect the minutes, we get that traditional
Nonfarm red-herring in the form of the ADP Employment report
for December.
Last month, ADP proved to be a decent indicator as to what we
would get from the big one, coming in at 215k versus consensus
of 173k. This time around, the ADP print is expected to drop
back to 200k. Needless to say, any major deviation from that
consensus will see screaming hordes of economists rushing to
alter the forecast for payrolls on Friday.

CORPORATE EARNINGS/ EVENTS:
There are no iTraxx constituents reporting tomorrow, but we
may get some interest from Sainsbury’s Q3 trading numbers
ahead of other heavyweight UK retailers Marks and Spencer
and Tesco’s on Thursday.

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

January 8, 2014

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

0.531

-0.010

0.305

UK

1.25

1.783

-0.033

0.899

UK

2.25

2.959

-0.070

1.069

DE

0.00

0.226

-0.011

0.000

DE

1.00

0.884

-0.020

0.000

DE

2.00

1.890

-0.031

0.000

FR

0.25

0.302

-0.005

0.076

FR

1.00

1.180

-0.023

0.296

FR

1.75

2.312

-0.058

0.422

IT

3.00

1.094

-0.167

0.868

IT

3.50

2.469

-0.113

1.585

IT

4.50

3.883

-0.081

1.993

AT

3.50

0.225

-0.043

0.001

AT

1.15

1.090

-0.088

0.206

AT

1.75

2.224

-0.136

0.334

BE

3.75

0.285

-0.066

0.059

BE

1.25

1.179

-0.077

0.295

BE

2.25

2.526

-0.146

0.636

ES

2.75

1.020

-0.206

0.794

ES

3.75

2.564

-0.971

1.680

ES

4.40

3.834

-0.188

1.944

FI

4.25

0.202

-0.055

0.024

FI

1.13

1.029

-0.012

0.145

FI

1.50

2.093

-0.189

0.203

GR

-

-

-

-

GR

-

-

-

-

GR

2.00

7.926

-0.522

6.036

IE

4.50

0.740

-0.534

0.514

IE

5.50

1.699

-0.475

0.815

IE

3.90

3.486

-1.588

1.596

PT

3.35

2.593

-0.463

2.367

PT

4.45

4.403

-1.073

3.519

PT

4.95

5.580

-1.115

3.690

DK

2.50

0.318

0.000

0.092

DK

4.00

1.146

0.000

0.262

DK

1.50

1.952

0.000

0.062

SE

4.50

0.797

0.000

0.571

SE

4.25

1.719

0.000

0.835

SE

1.50

2.447

0.000

0.557

U.S. TREASURIES
Bid

Change Spread-DE

Ask

<0#USBMK=TWEB>
Change
Yield

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

2-Year

99.711

99.719

0.397

0.004

3-Year

99.836

99.844

0.805

0.006

5-Year

99.109

99.117

1.687

0.013

7-Year

100.031

100.047

2.370

0.015

10-Year
30-Year

98.297
97.578

98.313
97.625

2.950
3.888

0.013
0.006

EUR IRS

<TWEBIRS>
Close

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

Change
-0.350
-0.050
-0.050
0.050

0.319
0.347
0.347
-0.009

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

Bid
0.530
1.224
2.123

Ask
0.535
1.229
2.128

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

Close
0.149
0.150
0.149
0.151
0.151
0.151
0.154
0.158

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
0.438
0.259
-0.038
-0.258

USD IRS

Change
0.250
0.450
0.300
0.350

2-Year
5-Year
10-Year

Bid
0.960
2.034
2.914

Ask

100.011
99.892
99.007
100.807
99.900
103.969

100.027
99.946
99.117
101.084
100.218
104.384

<TWEBIRS>
Change
0.000
0.050
0.000
-0.200

USD SWAP SPREADS-Current

Ask
0.970
2.046
2.925

Bid
0.500
1.742
3.016

2-Year
5-Year
10-Year

Ask
0.505
1.747
3.021

USD OIS - Prev. Close

GBP OIS - Prev. Close
Close
0.422
0.422
0.422
0.425
0.427
0.430
0.445
0.474

Bid

Close
0.105
0.055
0.067
-0.031

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

GBP SWAP SPREADS-Current

1M
2M
3M
4M
5M
6M
9M
12M

Change Spread-DE

Change
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000

5

1M
2M

Close
0.076
0.089

Change
-0.009
-0.010

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

0.090
0.094
0.097
0.101
0.112
0.129

-0.008
-0.009
-0.009
-0.009
-0.008
-0.007

Change Spread-DE

<0#JPBMK=TWEB>
Change
Yield
0.094
0.222
0.707
1.547
1.705
1.730

0.002
0.005
-0.044
0.230
0.217
0.217

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

<TWEBIRS>
Bid
0.118
0.161
0.195
0.155

Ask
0.123
0.170
0.202
0.191

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

Bid
0.208
0.381
0.898

Ask
0.213
0.386
0.903

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

Bid
68.375
117.500
274.000

Ask
68.875
118.000
276.000

HiVol-5yr

99.000

104.000

CDS - U.S. Prev. Close
Bid

Ask

IG.20-3Y

46.171

53.409

IG.20-5Y

56.291

65.882

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

110.500
107.850

110.500
125.400

THE MORNING BENCHMARK

January 8, 2014

THOMSON REUTERS CDS BIGGEST MOVERS - January 7
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

ConvSprd % Chg

MAN STR HLDG

EMG5YEUAM=MG

163.23

-51.57

EDISN

EDN5YEUAM=MG

52.25

NORWAY

NOGV5YUSAC=MG

12.67

-6.19

RENTOKIL IN 1927

RTOI5YEUAM=MG

93.56

6.71

ACE

ACE5YUSAX=MG

27.34

-5.74

EXPERIAN FINANCE

EXPB5YEUAM=MG

41.84

6.37

SWEDEN

SEGV5YUSAC=MG

14.17

-5.57

DENMARK

DKGV5YUSAC=MG

21.17

5.85

SCANIA

SCV5YEUAM=MG

51.25

-5.53

MUBADALA DEV

MUDF5YUSAC=MG

81.42

4.53

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

10.77

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

ConvSprd % Chg

GREECE
BANCO COM PORT

GRGV5YUSAC=MG
BCP5YEUAM=MG

572.05
272.50

-7.88
-4.39

PROSIEBENSAT1

PSMG5YEUAM=MG

190.00

INEOS GR HLD

INEO5YEUAM=MG

112.00

4.19

CAIXA GERAL DEP

CGDA5YEUAM=MG

218.10

-3.33

BANCA PASCHI

BMPS5YEUAM=MG

357.50

2.63

SCANDNVN AIR SYS

SASA5YEUAM=MG

518.34

-2.26

GROHE HOLDING

GROH5YEUAM=MG

56.50

1.80

TUI AG

TUIG5YEUAM=MG

215.00

-2.16

ROYAL CARIB CRUS

RCL5YUSAX=MG

148.50

1.25

Avg. Bid

% Chg

7.04

THOMSON REUTERS BIGGEST LOAN MOVERS - January 7
CREDIT IMPROVEMENT

CREDIT DETERIORATION

EUROPE/ MID EAST/ AFRICA

EUROPE/ MID EAST/ AFRICA

Name

RIC

Avg. Bid

% Chg

CBR HOLDING GMBH <C000CP044TB1=R>

86.94

1.68

CATTLES PLC

<C000BX028TL2=R>

22.33

1.52

PHS GROUP PLC

<P0007Q028TB1=R>

80.94

0.94

CONSOLIS AB

<C000EC025TB1=R>

53.33

0.63

PARQUES REUNIDOS <P0008C030TC3=R>

98.90

0.61

Name

RIC

PAGESJAUNES

<P0009H026TB1=R>

FAT FACE

<F0005S019TB1=R>

88.00

-1.68

AVR HOLDING

<H0005S049TC1=R>

97.25

-1.58

28.50

-1.72

ENDEMOL ENTERTAI <E0007Q010TB2=R>

60.50

-0.82

YELL GROUP PLC (

21.68

-0.82

<Y0000J048TB5=R>

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object, or go to CreditViews.
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6


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