MARKETS ROUTED AS RETAIL NUMBERS SHOW AN 8.7% DECLINE FOR THE MONTH OF MARCH. STORES, GASOLINE STATIONS, RESTAURANTS, BARS AND ONLINE SHOPPING WERE ALL VERY NEGATIVELY AFFECTED. APRIL IS EXPECTED TO BE FAR WORSE. FTSE 100 -3.44%, German DAX -3.9%, CAC 40 -2.76%, STOXX Europe 600-3.25%. The 10-year Gilt was down 3.6 bps.

European Bond Research – April 15, 2020
Posted on April 15, 2020
EUROPEAN BOND RESEARCH
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April 15, 2020
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New Issues | New Issues [Continued] |
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1. 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%.
2. Credit Agricole SA (EUR) 1% 4/22/2026 (04/14/2020): 1500MM Senior Non Preferred Notes, Price at Issuance 99.942, Yielding 1.012%. 3. 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%. 4. Henkel AG & Co. KGaA (CHF) 0.273% 4/28/2023 (04/14/2020): 330MM Senior Unsecured Notes. 5. UBS AG London (EUR) 0.75% 4/21/2023 (04/14/2020): 2000MM Senior Unsecured Notes. 6. Daimler Canada Finance (NOK) 3.1% 4/21/2025 (04/14/2020): 550MM Senior Unsecured Notes. 7. Barclays Bank PLC (USD) FLT% 4/21/2023 (04/15/2020): 90MM Senior Unsecured Notes, Price at Issuance 100. 8. BMW Finance NV (NOK) FLT% 4/21/2023 (04/15/2020): 1230MM Senior Unsecured Notes. 9. Societe Generale (EUR) 1.125% 4/21/2026 (04/15/2020): 750MM Senior Non Preferred Notes. 10. American Honda Finance Corp. (EUR) 1.6% 4/20/2022 (04/15/2020): 500MM 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 –0.195%, as of 04/14/2020.
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