MARKETS SURGED AS CORONA VIRUS CASES AND DEATHS LEVEL OFF AND NEWS THAT ECONOMIES ARE PUTTING IN PLACE PLANS TO SLOWLY OPEN SOON. FTSE 100 +2.82%, German DAX +3.15%, CAC 40 +3.43%, STOXX Europe 600 +2.63%. The 10-year Gilt was up 0.4 bps.
European Bond Research – April 17, 2020Posted on April 17, 2020
EUROPEAN BOND RESEARCH
April 17, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Jefferies Group Inc. (EUR) 4.5% 5/4/2040 (04/16/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%.
2. Verisure Holding AB (EUR) FLT% 4/15/2025 Reg S (04/16/2020): 200MM Secured Notes.
3. Verisure Holding AB (EUR) FLT% 4/15/2025 144A (04/16/2020): 200MM Secured Notes.
4. Credit Suisse London (USD) 3.04% 9/30/2021 (04/17/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.04%.
5. Scania CV AB (SEK) FLT% 4/28/2022 (04/17/2020): 1300MM Senior Unsecured Notes.
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 –0.187%, as of 04/16/2020.
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