MARKETS WERE UP AS PLANS TO REOPEN THE ECONOMY ARE FLOATED BY BOTH THE FEDERAL AND STATE GOVERNMENT. A CONSORTIUM OF STATES ON BOTH THE WEST COAST AND THE EAST COAST HAVE BEEN FORMED TO COORDINATE OPENING THEIR ECONOMIES. FTSE 100 -0.88%, German DAX +1.25%, CAC 40 +0.38%, STOXX Europe 600 +0.64%. The 10-year Gilt was up 3.5 bps.

European Bond Research – April 14, 2020
Posted on April 14, 2020
EUROPEAN BOND RESEARCH
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April 14, 2020
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New Issues | New Issues [Continued] |
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1. Banque Fed du Credit Mutuel (EUR) 0.68% 4/14/2022 (04/13/2020): 140MM Senior Unsecured Notes, Price at Issuance 100, Yielding .68%.
2. UBS AG London (USD) 1.75% 4/21/2022 Reg S (04/14/2020): 2500MM Senior Unsecured Notes, Price at Issuance 99.869, Yielding 1.82%. 3. Credit Agricole SA (EUR) 1% 4/22/2026 (04/14/2020): 1500MM Senior Non Preferred Notes. 4. Bank fuer Tirol und Vorarlberg AG (EUR) 0.9% 5/27/2026 (04/14/2020): 650MM Senior Non Preferred Notes, Price at Issuance 100, Yielding .9%. 5. Henkel AG & Co. KGaA (CHF) 0.273% 4/28/2023 (04/14/2020): 330MM Senior Unsecured Notes. 6. UBS AG London (EUR) 0.75% 4/21/2023 (04/14/2020): 2000MM Senior Unsecured Notes. 7. Daimler Canada Finance (NOK) 3.1% 4/21/2025 (04/14/2020): 550MM Senior Unsecured Notes. |
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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 –0.179%, as of 04/7/2020.
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