European Bond Research – April 10, 2019Posted on April 10, 2019
|Country||Maturity (Y)||Yield (%)||Previous (%)||Spread (bp)|
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Compartiment Cr Gca-Cpe-006 (EUR) 0.2% 4/12/2021 (04/09/2019): 2000MM Unsecured Notes, Price at Issuance 100, Yielding .2%.
2. UniCredit Bank AG (EUR) 0.265% 4/14/2026 (04/09/2019): 50MM Secured Notes, Price at Issuance 100, Yielding .27%.
3. Glencore Finance Europe (EUR) 1.5% 10/15/2026 (04/09/2019):500MM Senior Unsecured Notes.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 04/10/2019, 131.49||NAV as of 04/10/2019, 104.10|
|Daily NAV Change (%) +0.14%||Daily NAV Change (%) +0.17%|
OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of positive momentum, although conditions are expected to deteriorate hindered by the termination of quantitative easing, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat’s unemployment rate: currently 7.8% (seasonally adjusted, February 2019)
- Eurostat’s quarterly GDP: 0.2% (2018 Q3 Final)
- 6-month Euribor: current value –0.231%, as of 04/09/2019
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