Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.
During the March month-end rebalance of the iBoxx EUR Index, 104
new bonds were inserted and 87 deleted. The rebalance resulted in a
total net reduction of the notional value, due to departures of
several sovereign bonds. In the aftermath of the western sanctions
against Russia, 16 Russian bonds were removed from the index on the
back of index actions that affected all bonds with Russia or
Belarus as the country of risk. Seven of those bonds were sovereign
issuance, eight issued by Gazprom, and one by Novolipetsk Steel Via
Steel Funding DAC.
Euro-denominated debt had another month of heavy losses in
March, amid hiking inflation and the backdrop of the Russia-Ukraine
conflict. The iBoxx € Overall Index closed at ‑2.1%, after losing
2.2% over February. Both are the worst monthly performances for the
index since pre-Covid levels. In March 2020, the iBoxx € Overall
Index closed 3.4% lower.
During the last month, the iBoxx € Corporate index was down
1.3%, faring better than the Euro sovereign debt, which lost 2.3%.
But that comes after heavy losses in February for corporates.
The Euro high yield market lost 0.1% in March, after it also
sunk heavily in February, sliding 3.4%.
iBoxx € Overall duration - measured on the last trading day of
the month - inched lower, but annual yields on the index rallied
further, either hitting multi-year highs for some segments or
flirting with this level for the Overall index. See Appendix for
details.
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
