Issuu on Google+

THE MORNING BENCHMARK TRADEWEB, IFR MARKETS AND REUTERS

EUROPEAN EDITION

BENCHMARKS (10 year)

Wednesday, February 19, 2014

TOP NEWS  U.S. Fed adopts tough capital rules for foreign banks

Country

Price

Price Change

Yield

Yield change

US

100.41

0.06

2.70

-0.01

 Ukraine police fight protesters after nation's bloodiest day

Germany

100.75

0.06

1.67

-0.01

 UK inflation undershoots Bank of England target for first time

UK

95.81

-0.02

2.75

0.00

Japan

99.92

-0.02

0.61

0.00

 U.S. concerned about Japan domestic demand outlook

China

96.38

0.08

4.55

-0.01

 German investor morale drops unexpectedly in February

Hong Kong

97.30

0.25

2.26

-0.03

Singapore

102.35

0.10

2.47

-0.01

CURRENCIES

since 2009

 Australia aims for global growth agreement at G20 meeting

as of latest reported

AMERICA CLOSE

Present

Prior

% chng

Yr-high

Yr-low

EUR/USD

1.3764

1.3757

0.0500

1.3775

1.3478

GBP/USD

1.6690

1.6683

0.0400

1.6822

1.6253

USD/CHF

0.8871

0.8880

-0.1000

0.9156

0.8869

USD/JPY

102.17

102.35

-0.18

105.44

100.77

EUR/CHF

1.2211

1.2220

-0.0600

1.2394

1.2186

U.S. Yield Yield-percent

U

4 3 2

ECONOMIC WATCH GMT

Indicators

1

Unit Reuters

Prior

0930 GB MPC Vote Outcome

Votes

9-0

9-0

0930 GB MPC QE Vote Outcome

votes

9-0

9-0

0930 GB Claimant Count

K

-20

-24

0930 GB ILO Unemployment Rate

%

7.1

7.1

0930 GB Avg earnings (inc-bon)

%

1

0.9

0930 GB Avg earnings (ex-bon)

%

0.9

0.9

1330 US Housing Starts

Mln

0.95

0.999

1330 US Build Permits

Mln

0.98

0.991

1330 US PPI mm

%

0.1

0.4

1330 US PPI yy

%

1.2

1.2

1330 US PPI core mm

%

0.1

0.3

1330 US PPI ExFood/Ener yy

%

1.4

1.4

0 3M

6M

1Y

2Y

3Y

5Y

7Y

10Y

30Y

EUROPE CLOSE Regional Yield Curves Yield-percent

EUR

GBP

CHF

4 3 2 1

UK EARNINGS GROWTH VS INFLATION

0

Click on the chart for full-size image

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

February 19, 2014

TOP NEWS FROM REUTERS U.S. Fed adopts tough capital rules for foreign banks

Ukraine police fight protesters after nation's bloodiest day

The U.S. Federal Reserve on Tuesday adopted tight new rules for foreign banks to shield the U.S. taxpayer from costly bailouts, ceding only minor concessions despite pressure from abroad to weaken the rule. "The most important contribution we can make to the global financial system is to ensure the stability of the U.S. financial system," Fed Governor Dan Tarullo, in charge of financial regulation, said in a speech at a board meeting at which the Fed unanimously adopted the rule. The largest foreign banks, with $50 billion or more in U.S. assets, will need to set up an intermediate holding company subject to the same capital, risk management and liquidity standards as U.S. banks, the Fed said. "(The rule reduces) the likelihood that a banking organization that comes under stress in multiple jurisdictions will be required to choose which of its operations to support," Fed staff said in a document. Europe has warned of tit-for-tat action, with European Union financial services commissioner Michel Barnier saying in October that the bloc would draw up similar measures if the Fed pushed ahead with its plans.

Ukrainian riot police fought protesters occupying a central Kiev square after the bloodiest day since the former Soviet republic, caught in a geopolitical struggle between Russia and the West, won its independence. After hours of clashes, police were gaining ground in Independence Square, centre of three months of protests against President Viktor Yanukovich, but demonstrators managed to find protection behind a burning barricade of tires and wood. Shrouded in plumes of black smoke, police were trying to put out the fire with two water cannons and protesters responded by hurling petrol bombs at the police vehicles, a Reuters cameraman said. Police have gained control of almost half the square and several floors of a trade union building, used as an anti-government headquarters, were on fire as dawn was breaking. At least 14 protesters and seven policemen were killed in violence that erupted on Tuesday and continued into the early hours of Wednesday. Many were killed by gunshot and hundreds of people were injured, with dozens in serious condition, police and opposition representatives said. U.S. concerned about Japan domestic demand outlook

UK inflation undershoots Bank of England target for first time since 2009

The United States expressed concern on Tuesday about whether domestic demand will remain a principal driver of Japan's economy. "Japan's economy has been largely driven by domestic demand over the last two years, but the outlook for domestic demand has clouded," U.S. Treasury Secretary Jack Lew said in a letter, obtained by Reuters, to members of the Group of 20, which includes many of the world's largest economies. Lew will be in Australia for a meeting of G20 finance ministers and central bankers scheduled for Feb. 22 and 23. In his letter, he said he looked forward to hearing about Japan's plans for economic reforms to boost domestic demand. He also said the United States was closely monitoring the "considerable volatility" in global financial markets. Stock, bond and currency markets in developing countries have been convulsed in recent months, hit by concerns over weaker economic growth and the winding down of monetary stimulus in the United States.

British inflation fell below the Bank of England's target for the first time in over four years last month, reinforcing the bank's message that there is no rush to raise interest rates. Consumer prices rose 1.9 percent on the year in January, slowing from December's rate of 2.0 percent, making it the smallest increase since November 2009, the Office for National Statistics said. Economists polled by Reuters had expected it to stay at 2.0 percent, although the lower rate of inflation fitted with the BoE's latest forecasts showing it would dip to around 1.7 percent by March. In a rare comment after inflation figures, Prime Minister David Cameron said the decline showed the government's long-term economic plan was working. Data also released by the ONS on Tuesday showed factory gate prices rose by 0.9 percent in annual terms, slightly faster than economists' predictions of a 0.7 percent increase.

Australia aims for global growth agreement at G20 meeting German investor morale drops unexpectedly in February Australia will use its presidency of the Group of 20 advanced and emerging economies to push for agreements on strengthening global growth and to generate ideas on funding public infrastructure, Treasurer Joe Hockey said. "There will be discussions about tapering and what it means for the global economy. Taxation arrangements, particularly in relation to major digital companies and transfer pricing by companies... that's going to be discussed," Hockey told a media briefing in Sydney. Hockey said he wanted the officials to work on how to get private sector cash into infrastructure investment, using Australia's backlog of projects worth some A$400 billion as an example. "We need to focus on productive infrastructure that is going to drive new investment and new job growth," he added. At the media briefing, Hockey declined to elaborate on his comments made to the Australian newspaper that he was working towards an agreement to set a hard target for global growth beyond the current 3.7 percent projection.

German analyst and investor sentiment fell in February due to concerns that the economic upturn in the United States could lose steam and worries about emerging market economies' prospects in the medium-term, a survey showed on Tuesday. The Mannheim-based ZEW economic think tank's monthly poll of economic sentiment dropped to 55.7 from 61.7 in January, falling well short of the consensus forecast in a Reuters poll of analysts for it to hold steady. It was the lowest reading since November. But ZEW President Clemens Fuest said the drop "must not be overstated" given that the majority of survey participants were still upbeat and economists also warned against reading too much into the index's drop. "Although the ZEW index has a good track record of predicting economic turning points, the latest decline does not point to a change in direction of the economic trajectory yet," said Christian Schulz, senior economist at Berenberg Bank.

2


THE MORNING BENCHMARK

February 19, 2014

MORNING MEETING FROM IFR MARKETS THE EUROPEAN MORNING MEETING

room by selling. That bet proved correct for the long end of the curve which lagged as the 5s/30s curve steepened while the belly of the curve continued to lead the session’s rally. But prices ended just off the highs amid the bull flattening of the 2s/10s curve.

Another batch of worse than expected US data tested investor resilience on Tuesday. The S&P 500 index closed undetered (+0.12% at 1840) while bond investors were not as optimistic the yield on Treasury 10s closed 4 bps lower at 2.70%. Empire State Mfg came in much lower than expected while US Homebuilders confidence plunged 10 points to 46 in Feb - the biggest ever one month decline in that index. Treasury TIC data showed larger than expected outflow of US assets. Nymex Crude soared 2.3% on Tuesday on a drop in inventory at the Cushing storage hub and winter weather-related demand. Asian stock indices are mixed today - the MSCI Asia ex-Japan index is -0.1% while the Nikkei 225 index is -0.7% (consolidating yesterday's big gains after additional minor easing was announced by the BOJ). S&P 500 futures are -0.1% and the yield on Treasury 10s is in-line with the NY close at 2.70%.

OVERNIGHT EVENTS • BoJ Gov Kuroda – Govt must continue to promote growth, structural reform - Nikkei. • G20: Asset purchases to drive fractious group’s debate in Sydney – FT. • US TsySec Lew – Considerable volatility in global markets, Japan economy largely driven by domestic demand in recent years, outlook has clouded – RTRS. • Fed adopts tough final capital rule for foreign banks – Reuters. • Australia aims for global growth agreement at G20 meeting – Reuters. • Australia Q4 wage price index total hrly pay +0.7% q/q, +2.6% y/y, as eyed. • Australia Jan Westpac/MI leading index 98.51, Dec 98.66.

OVERNIGHT REUTERS PRESS • US Fed adopts tough capital rules for foreign banks • Banks review forex dealers' trading on own accounts - sources • Credit not steel, China's new use of iron ore props up demand • Interview - Nowotny eyes "self-correction" of low inflation, strong euro • US concerned about Japan domestic demand outlook • More weak US economic data puts cracks in weather theory

Looking Ahead - Economic Data (GMT) 09:30 GB Jan claimant count, -20k eyed; last -24k. 09:30 GB Dec ILO unemployment, 7.1% eyed; last 7.1%. 09:30 GB Dec average weekly earnings – 3-mo avge, +1.0% y/y eyed; last +0.9%. 09:30 GB Dec - ex-bonus, +0.9% eyed; last +0.9%. 10:00 CH Feb ZEW investor sentiment index; last 36.4. 13:30 US Jan PPI, +0.1% m/m, +1.2% y/y eyed; last +0.4%, +1.2%. 13:30 US Jan – core, +0.1% m/m, +1.4% y/y eyed; last +0.3%, +1.4%. 13:30 US Jan housing starts, 950k units AR eyed; last 1.0 mln. 13:30 US Jan building permits, 980k units AR eyed; last 990k.

LATE TREASURY SESSION • Treasuries were already better bid into New York’s open, nudging higher following softer than expected Empire State manufacturing data with the employment component while lower, was overshadowed by the dramatic eight-point headline drop – the largest one-month drop ever. • But the uptick was seized by specs with rate-locks vs. a burgeoning corporate new issuance calendar stalling the bid – but not for long. Despite the weather related blame placed on the ten-point drop in the NAHB homebuilding data – the largest fall in the nearly 30-year history of the series, the treasury bid was restored as it was hard to pin the six-point drop in future sales component on the bad weather. • A flurry of block-sized call buying on 10-year futures by mortgage desks also helped to recover the treasury bid. But from that point on, the price move higher was more about a short squeeze by those who sold the early uptick and then fresh algo buying as the cash 10-year yield sank below 2.71%. • Block call buying on the bond and ultra-bond futures into midday extended the sessions gains. Fresh algos surfaced along with tech-based buying as the 10-year yield dropped below 2.70%. • Into the early afternoon several large corporate deals were launched and set off anticipatory rate-lock unwind related buying. But the bid was faded by specs and dealers betting that investors taking down the fresh corporate supply would make

Looking Ahead - Events, Auctions (GMT) N/A Sweden, Portugal t-bill auctions. N/A German/French joint cabinet meeting in Paris. 09:00 ECB Lautenschlaeger speech in Frankfurt. 09:30 BoE MPC February 5-6 meeting minutes, vote to hold likely unanimous. 10:30 Germany E5.0 bln 1.75% 2024 Bund auction. 16:00 German Chanc Merkel, OECD Gurria speech/press conference in Paris. N/A Dallas Fed Fisher, St Louis Fed Bullard, other Fed speakers during US day. 19:00 FOMC January policy meeting minutes. richard.sexton@thomsonreuters.com

3


THE MORNING BENCHMARK

February 19, 2014

EUROPEAN CDS LOOK AHEAD FROM IFR MARKETS Published on Feb 18

release of the FOMC statement – and attracted some decent demand with a cover ratio of 1.8:1, a relatively small Bundesbank retention for market operations and solid pricing, none of which was a surprise given the inherent RV at the time, especially on an asset swap basis. Since that auction, 10yr German yields dropped from 1.77% to trade at 1.55% in the first week of February as EM currency jitters sparked a decent flight to quality bid for core markets. With those concerns now on the back burner, and with equities and credit firmly back in vogue, those yields have moved out to 1.67% today, building in a minor outright concession here. In terms of RV, the issue remains the cheapest on an asset swap basis in the 10yr sector of the Bund curve, and has also cheapened up by a basis point versus the August 2023 Bund since the last auction and now trades around 2bp cheap on the interpolated curve, although that cheapness looks more exaggerated when comparing the issue versus the old 30yr, DBR6.25% January 2024 So the omens should be relatively good for smooth take-up of paper here. Look for a comparable cover ratio and Buba retention and relatively solid pricing. The bidding deadline is at 1030 GMT, with results shortly after.

Look out for: Central bank minutes, PPI and core supply. The main scheduled events of the day, namely the minutes of the January 28/29 FOMC meeting and the February 6 MPC meeting, may actually turn out to be fairly damp squibs. In the US, the decision to cut another USD10bn off the QE programme was pretty much expected, so any news here would likely fall on the Fed’s other unconventional policy tool, forward guidance. As the unemployment rate has fallen more quickly than the Fed expected, it is growing increasingly clear that the guidance will need to be adjusted in some way and it will be interesting to see if that was discussed. Aside from the minutes, we also get plenty of Fed speak, with Fisher, Lockhart, Bullard and Williams all on the wires at various junctures. The BoE minutes are once again expected to show a unanimous 9-0 decision to keep rates and QE on hold at 0.5% and GBP375bn for the umpteenth month running. The key here will be to see if there was any dissent on forward guidance, although given that any clues on that matter have effectively been already given at last week’s QIR, it is unlikely that these minutes will contain anything too seismic. Before we get to those FOMC minutes, we get the first really big data pointer of the week across the pond in the form of January PPI. Producer price growth should have eased back a bit in January, up just 0.1% overall and 0.2% excluding food and energy products. Those readings would be close to the trend, and below December’s +0.4% and +0.3% readings, which were the strongest growth rates in six and seventeen months respectively. A decline in fuel prices should be the most notable restraint on the headline. The manufacturing surveys generally showed some strengthening in price growth, however, so the call for core price growth is a little above the recent trend. Even so, both headline and core year-on-year changes should remain unmoved, at +1.2% and +1.4% respectively. Neither will appear as much of a pipeline threat to what the Fed says is still highly accommodative policy. And we also have some core supply to focus on when the German Finance Ministry taps the on-the-run 10yr Bund to the tune of EUR5bn. This bond was first auctioned on January 29 – just before the

ECONOMIC DATA: Aside from PPI, in the US we get January Housing Starts and Building Permits, which are expected at 950k and 980k respectively. Over in Europe, the focus will again be firmly on the UK, with the releases of the latest unemployment figures from the ONS at 0930 GMT. The unemployment rate is expected to hold steady at 7.1%, with the claimant count expected to drop by 20k. CORPORATE EARNINGS/ EVENTS: There are six iTraxx constituents reporting on Wednesday. From the Main, Iberdrola and Wolters Kluwer will announce their Q4 performances before the market opens, while Saint Gobain will step up to the plate after the close. From the Crossover, Lafarge, Peugeot and Portugal Telecom will all release numbers before the market opens. adam.parry@thomsonreuters.com

4


THE MORNING BENCHMARK

February 19, 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

0.500

-0.020

0.397

UK

1.25

1.648

0.004

0.991

UK

2.25

2.753

-0.005

1.088

DE

0.00

0.103

-0.007

0.000

DE

1.00

0.657

0.017

0.000

DE

1.75

1.665

0.083

0.000

FR

0.25

0.205

-0.008

0.102

FR

1.00

1.079

0.029

0.422

FR

2.25

2.253

0.071

0.588

IT

3.00

0.888

-0.185

0.785

IT

3.50

2.125

-0.089

1.468

IT

4.50

3.567

-0.031

1.902

AT

3.50

0.173

-0.045

0.070

AT

1.15

0.827

-0.036

0.170

AT

1.75

1.966

-0.015

0.301

BE

3.75

0.201

-0.064

0.098

BE

1.25

0.899

-0.055

0.242

BE

2.25

2.212

-0.061

0.547

ES

3.25

1.243

-0.231

1.140

ES

3.75

2.144

-0.260

1.487

ES

3.80

3.552

-0.264

1.887

FI

1.75

0.183

-0.050

0.080

FI

1.13

0.757

-0.019

0.100

FI

1.50

1.799

0.013

0.134

GR

-

-

-

-

GR

-

-

-

-

GR

2.00

7.520

0.338

5.855

IE

4.60

1.047

-0.661

0.944

IE

4.50

1.811

-0.610

1.154

IE

3.40

3.327

-0.659

1.662

PT

6.40

2.725

-0.377

2.622

PT

4.75

3.898

-0.457

3.241

PT

5.65

4.911

-0.512

3.246

DK

2.50

0.216

0.000

0.113

DK

4.00

0.855

0.000

0.198

DK

1.50

1.702

0.000

0.037

SE

4.50

0.672

0.000

0.569

SE

4.25

1.484

0.000

0.827

SE

1.50

2.217

0.000

0.552

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

100.141

100.148

0.302

-0.001

3-Year

99.875

99.883

0.667

0.000

5-Year

100.102

100.117

1.479

0.000

7-Year

100.000

100.016

2.125

-0.005

10-Year 30-Year

100.391 99.000

100.406 99.016

2.705 3.680

-0.005 0.000

EUR IRS

<TWEBIRS> Close

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

Change 0.300 0.700 0.900 0.250

0.343 0.343 0.343 -0.008

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

Bid 0.439 1.001 1.887

Ask 0.444 1.006 1.892

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

Close 0.161 0.146 0.137 0.129 0.122 0.118 0.109 0.107

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 0.475 0.331 0.072 -0.228

USD IRS

Change 0.750 0.550 0.700 0.600

2-Year 5-Year 10-Year

Bid 0.961 1.972 2.821

Ask

100.029 100.057 99.925 101.838 100.938 104.867

100.047 100.109 100.046 102.120 101.242 105.263

<TWEBIRS> Change 0.100 -0.150 -0.100 -0.100

USD SWAP SPREADS-Current

Ask 0.972 1.984 2.831

Bid 0.433 1.594 2.812

2-Year 5-Year 10-Year

Ask 0.438 1.599 2.817

USD OIS - Prev. Close

GBP OIS - Prev. Close Close 0.419 0.417 0.417 0.417 0.417 0.419 0.434 0.464

Bid

Close 0.131 0.119 0.109 -0.013

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 0.072 0.072

Change 0.001 0.000

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

0.074 0.075 0.076 0.078 0.083 0.090

-0.001 -0.003 -0.002 -0.002 -0.002 0.001

Change Spread-DE

<0#JPBMK=TWEB> Change Yield 0.085 0.188 0.608 1.480 1.653 1.693

-0.010 0.024 -0.010 -0.299 -0.446 -0.571

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

<TWEBIRS> Bid 0.114 0.133 0.198 0.168

Ask 0.103 0.126 0.202 0.163

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

Bid 0.178 0.304 0.799

Ask 0.183 0.309 0.804

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

Bid 72.125 118.625 272.750

Ask 72.625 119.125 274.750

HiVol-5yr

105.938

110.938

CDS - U.S. Prev. Close Bid

Ask

IG.20-3Y

46.171

53.409

IG.20-5Y

61.505

71.105

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

110.500 107.850

110.500 125.400


THE MORNING BENCHMARK

February 19, 2014

THOMSON REUTERS CDS BIGGEST MOVERS - February 18 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

162.32

-51.84

ROYAL SUN ALC IN

ROYL5YEUAM=MG

92.50

6.06

SCOR

SCOR5YEUAM=MG

77.50

-7.46

SWISSCOM

SCMN5YEUAM=MG

37.50

4.84

DEUTSCHE BAHN

DBAH5YEUAM=MG

35.00

-6.82

QATAR NATL BANK

QANB5YUSAC=MG

91.07

3.91

LEGAL GENERAL NORWAY

LGEN5YEUAM=MG NOGV5YUSAC=MG

77.00 14.67

-6.67 -4.33

UNILEVER NV

UN5YEUAM=MG

26.50

2.91

BAYERNLB

BLB5YEUAM=MG

97.05

2.64

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

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

ISS AS CABLE & WIRELS

FSFN5YEUAM=MG CW5YEUAM=MG

65.00 251.68

-34.12 -6.66

UKRAINE

UAGV5YUSAC=MG

1209.59

2.83

BANCO POPOLARE

BCVE5YEUAM=MG

227.50

1.79

METSA BOARD

MRLB5YEUAM=MG

248.67

-2.95

PORTGL TELCM FIN

PTCF5YEUAM=MG

294.00

1.78

UPC HLDG

LBTY5YEUAM=MG

319.00

-2.89

UGF

UNPI5YEUAM=MG

150.00

1.69

EGYPT

EGGV5YUSAC=MG

468.56

-2.82

CAIXA GERAL DEP

CGDA5YEUAM=MG

187.44

1.35

Avg. Bid

% Chg

THOMSON REUTERS BIGGEST LOAN MOVERS - February 18 CREDIT IMPROVEMENT

CREDIT DETERIORATION

EUROPE/ MID EAST/ AFRICA

EUROPE/ MID EAST/ AFRICA

Name

RIC

CORTEFIEL SA

<C000DJ039TB1=R>

64.13

VIVARTE SA

<V0002K035TC1=R>

48.69

RODENSTOCK GMBH <R00041032TB1=R>

106.88

BIFFA WASTE SERI

<B000AF023TB1=R>

30.75

TRAGUS HOLDINGS

<T0009B023TC1=R>

89.60

Avg. Bid

Name

RIC

3.71

AVR HOLDING

<H0005S049TC1=R>

86.50

-3.62

1.83

PHS GROUP PLC

<P0007Q034TC1=R>

74.79

-2.60

1.30

AUTOBAR GROUP LT <A000AL047TB1=R>

78.75

-1.62

0.49

SELECTA

<S000ER015TB2=R>

92.00

-1.08

0.30

ALMA CONSULTING

<A000GT010TB1=R>

23.63

-1.05

% Chg

To access Thomson Reuters CDS index and single-name data on 3000Xtra, please enter <REUTERSCDS> in a quote object, or go to CreditViews. THE MORNING BENCHMARK is produced by Reuters, Tradeweb and IFR Markets. (Compiled by Benny Thomas in Bangalore) © 2014 Tradeweb Markets LLC, All Rights Reserved. Tradeweb is a registered trademark of Tradeweb Markets LLC. Contact Info Customer relations: Phone: 800 541 2268 Email: help@tradeweb.com

For questions or comments about this report, email us at: morning.benchmark@thomsonreuters.com or call us at +91 80 4135 5929 Visit the Thomson Reuters Fixed Income Community Site at: http://customers.reuters.com/community/fixedincome/

IFR MARKETS IFR Markets is a Registered Investment Adviser. The disclosure statement is available on the web at http://www.ifrmarkets.com/ThomsonFormADV.pdf

If you like to receive this in your mailbox, please subscribe at: http://online.thomsonreuters.com/morningbenchmark/

Visit IFR Markets at www.ifrmarkets.com for a free trial. For questions or comments about IFR Markets, please contact : ifrmarkets@thomsonreuters.com or +1 800.557.1414

For more information about our products: http://thomsonreuters.com/products_services Or send us a sales enquiry at: http://thomsonreuters.com/products_services/financial/contactus/ or call us on North America: +1 800 758 5555

© 2014 Thomson Reuters. All rights reserved. This content is the intellectual property of Thomson Reuters and its affiliates. Any copying, distribution or redistribution of this content is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.

6


Ifr eu 02 19 14