European bond prices soften, led by Telecom Italia's 3-point slip

The average bid of LCD's European high-yield flow-name bonds fell 56 basis points over the past five trading sessions, to 102.67% of par (according to market data), as 10 constituents declined. The average yield widened 15 bps, to 3.36%.

Since the last reading in October the average bid has lost 29 bps, and it is now 134 bps lower in the year-to-date.

None of the constituents advanced this week, but two remained neutral. The 10 decliners were led by Telecom Italia, which slipped 300 bps to 103.75.

The average spread for the composite widened 14 bps to B+343, or E+294 swap-adjusted.

LCD's European high-yield bond flow names composite consists of Ardagh 2.125% notes due 2026, IAG 3.75% notes due 2029, Netflix 3.875% notes due 2029, Teva Pharmaceutical 4.5% notes due 2025, Intrum Justitia 3% notes due 2027, Flora Food Group 5.75% notes due 2026, Schaeffler 3.375% notes due 2028, Ineos Quattro 3.75% notes due 2026, Telecom Italia 3.625% notes due 2026, Altice France 3.375% notes due 2028, UPC 3.875% notes due 2029 and Loxam 5.75% notes due 2027.

The data:

* Bids fall: The average bid of the 12 bond flow names fell 56 bps, to 102.67.
* Yields rise: The average yield widened 15 bps, to 3.36%.
* Spreads rise: The average spread for the composite widened 14 bps to B+343, or E+294 swap-adjusted.
* Advancers: None.
* Decliners: Telecom Italia led the 10 decliners, slipping 300 bps to 103.75.
* Two facilities were neutral.