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Credit Names on US Equities Open

CREDIT UPDATE

For both $ & €IG equities, largest gain is coming from VF (+11%) - seems equity markets taking reports over the weekend (Reuters) that the founders (15% stake) have joined to support activist investor Engaged Capital (1.3% stake) to campaign for board changes as a positive for any strategic direction/changes that follow. Its nearly reversed all of its post-earning losses on this mornings move.

$IG equity eqv's are up +0.4% while SPX is flat - latter dragged on by Tech (-0.3%) while former seeing a broad based gain led by communications & consumer names. Similar outperformance in €IG (+0.8% vs. SXXP +0.5%), consumer names helped up by Auto's and VF.

For those new to the feed, our equity baskets are weighted to match Bloomberg's credit index weightings (rebalanced monthly) - public only equities means it covers (by weight) 98%/71% of $IG/HY & 85%/57% of €IG/HY.

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Credit BulletsBulletHomepagemarkets-real-timeCredit

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