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The Context 04.27.20

Euro SSA Snapshot: A Week of Records

Record demand for sovereign paper was a standout feature of the week, led by trades from Italy (EUR16bn long 5yr/2050 tap) and Spain (EUR15bn long 10yr) which between the raised EUR31bn on enormous demand of more than EUR206.5bn.

The EUR Week – Bias is Neutral

EUR/USD is slowly but defiantly recouping losses off Friday's 1.0727 low as lock-down measures start to ease, with NY Gov Cuomo announcing a phased plan to reopen New York that could start as soon as May 15, news emerging that Spain could announce some relaxation for its shut-in measures from May 2, while Italy's Conte said the country will begin easing a nationwide lock-down May 4.

US Investment Grade Corps: Resilience on Full Display

The US high-grade primary market was resilient throughout a week when oil prices dipped below zero, the virus crisis continued to hurt businesses and normal lives, and equity markets flitted between being risk-on and off. The only thing consistent through all the challenging background situations was the availability of abundant liquidity for high-grade corporate debt.

The Context

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