European bond prices rise, led by Intrum Justitia and Altice France

The average bid of LCD's European high-yield flow-name bonds rose 53 basis points over the past five trading sessions to 102.98% of par (according to market data). The average yield tightened by 16 bps to 3.34%.

Since the last reading in November, the average bid has gained 31 bps, and it is now 103 bps lower in the year-to-date.

There were 11 advancers in the composite, led by Intrum Justitia and Altice France, which both rose 138 bps to 98.13 and 97.38, respectively. One constituent declined, with Flora Food Group slipping 13 bps to 92.5.

The average spread for the composite tightened 18 bps to B+340, or E+293 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 rise: The average bid of the 12 bond flow names rose 53 bps to 102.98.
* Yields fall: The average yield tightened 16 bps to 3.34%.
* Spreads fall: The average spread for the composite tightened 18 bps to B+340, or E+293 swap-adjusted.
* Advancers: Intrum Justitia and Altice France led the 11 advancers, both adding 138 bps to reach 98.13 and 97.38, respectively.
* Decliners: Flora Food Group was the sole decliner, slipping 13 bps to 92.5.
* Neutral: None.