Free Trial

Monthly Rebalance

CREDIT MACRO

Bloomberg's cash indices rebalance monthly - most changes are for duration management (short bonds removed & new issues added in). Our equity baskets (matched in weights) are rebalanced with it (includes public equity issuers only). Key changes below.

€IG: 1.5%/50 bonds removed, 2.7%/101 added.

Notable;

  • CPI: 0.9%/4 fallen angel bonds removed after Friday S&P downgrade
  • IAGLN 27/29s (0.04%) added after surprise 2-notch upgrade from Moody's
  • Mexican building materials co, Cemex 26s, added after Fitch joined S&P on IG
  • BPER Banca 25/27/31s Snr Prefs added after Moody's joined S&P in IG
  • T-Mobile added after the Yankee name came to local markets with a inaugural 3-part deal.

€HY: 1.9%/13 bonds removed, 4.9%/33 added.
Notable;
  • Telecom Italia's debt exchange offers into new entity skewed additions above. Removals were IAG (rising star) & online marketplace provider Adevinta 25/27s who called its only outstanding lines.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.