MARKETS UP ON SLIGHTLY BETTER UNEMPLOYMENT NUMBERS. EXPECTATIONS WERE THAT 5.5 MM AND ONLY 5.25 MM FILED. GERMANY CONTEMPLATING OPENING THEIR ECONOMY NEXT WEEK. FTSE 100 +0.55%, German DAX +0.21%, CAC 40 -0.082%, STOXX Europe 600 +0.58%. The 10-year Gilt was down .5 bps.
European Bond Research – April 16, 2020Posted on April 16, 2020
EUROPEAN BOND RESEARCH
April 16, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Barclays Bank PLC (USD) FLT% 4/21/2023 (04/15/2020): 90MM Senior Unsecured Notes, Price at Issuance 100.
2. BMW Finance NV (NOK) FLT% 4/21/2023 (04/15/2020): 1230MM Senior Unsecured Notes.
3. Societe Generale (EUR) 1.125% 4/21/2026 (04/15/2020): 750MM Senior Non Preferred Notes.
4. American Honda Finance Corp. (EUR) 1.6% 4/20/2022 (04/15/2020): 500MM Senior Unsecured Notes.
5. American Honda Finance Corp. (EUR) 1.95% 10/18/2024 (04/15/2020): 1000MM Senior Unsecured Notes.
6. Givaudan Finance (EUR) 1% 4/22/2027 (04/15/2020): 500MM Senior Unsecured Notes.
7. Givaudan Finance (EUR) 1.625% 4/22/2032 (04/15/2020): 500MM Senior Unsecured Notes.
8. Jefferies Group Inc. (EUR) 4.5% 5/4/2040 (04/16/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%.
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 –0.196%, as of 04/15/2020.
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