MARKETS TAKE A BEATING AS TRUMP AND OTHER LEADERS WARN THAT FOR THE NEXT 2 WEEKS, AND CHANCES ARE MUCH LONGER, THE VIRUS CASE COUNT AND DEATHS ARE GOING TO SOAR! FTSE 100 -3.83%, German DAX -3.94%, CAC 40 -4.3%, STOXX Europe 600 -2.9%. The 10-year Gilt was down 4.3 bps.
European Bond Research – April 1, 2020Posted on April 1, 2020
EUROPEAN BOND RESEARCH
April 1, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Royal Bank of Canada London (USD) 0% 4/14/2060 (03/31/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. Ypso Finance Bis SA (EUR) 8% 5/15/2027 (03/31/2020): 2600MM Secured Notes.
3. Volvo Treasury AB (SEK) FLT% 12/8/2022 (04/01/2020): 2000MM Senior Unsecured Notes.
(None Current 04/01/2020)
OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of negative momentum, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat’s unemployment rate: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value –0.287%, as of 03/31/2020.
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