Equity and credit markets were under pressure in March with concerns around a trade war that could hamper global growth as tariffs on Chinese imports were announced by the US in addition to the steel and aluminum ones. In this context MSCI Europe TR was down -1.92% and Xover widened further 30 bps touching 293 level. Notably US Libor OIS Spreads moved out to the widest levels seen since 2008. The ECB slightly changed its guidance paving the way for asset purchases termination. On the earnings side the consensus EPS growth in Eurozone for 2019 is now at 9% up 0.2% from a month earlier.On the primary convertible side we saw four new deals: a vanilla CB from Econocom, non-dilutive CBs from Glencore and Carrefour, and a synthetic one from Morgan Stanley into Daimler shares for a total amount of 1.4 bn EUR. We participated in the new issue of Belgian IT company Econocom we think that the company could increase its FCF generation thanks to the growth of the services revenues. Another deal we liked was from a diversified natural resources company Glencore, despite being a non-dilutive structure the CB provides an interesting 7Y option on base metals like nickel, copper, zinc that we think could benefit from inflationary environment in addition to an increase in the production of electric cars. During the month we increased many positions to invest new subscriptions as the fund collected around 50 mln EUR in March. We reduced Maisons du Monde CB as the company disappointed with their 2018 sales guidance at only 10%, in addition the CB was extremely expensive, having richened 13 implied volatility points since the issue last year. On the options side we restriked lower after market correction our Credit Agricole, Ciaxa Bank, BT call options initiated a new position in AXA as we think the selloff after announcing XL Group acquisition in the US was unjustified. We sold off the rest of the Wereldhave position as the CB is becoming too short with very low probability of conversion. In march we suffered from our absence on German real estate as rates as Bund went back to 0.5% and from Rallye/Casino exchangeable bond; as Casino share price went down on earnings report and Leclerc headlines the credit of the holding company widened in line with a higher LTV. On the positive side the recent new issue Ence performed well on the stronger outlook for pulp prices and Ablynx CB moved closer to the takeover value as Sanofi announced the beginning of the tender.