MARKETS ARE UP IN EUROPE AS NUMBER OF CASES AND DEATHS CONTINUE TO SLOW DOWN. THE OIL WAR BETWEEN RUSSIA AND SAUDI ARABIA MAY BE ENDING AS PRESIDENT TRUMP STATES THE TWO COUNTRIES MAY CUT SUPPLIES. OIL SURGED ON THAT NEWS. FTSE 100 +0.47%, German DAX +0.27%, CAC 40 +0.33%, STOXX Europe 600 +0.42%. The 10-year Gilt was up 1.7 bps.
European Bond Research – April 2, 2020Posted on April 2, 2020
EUROPEAN BOND RESEARCH
April 2 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Royal Bank of Canada London (USD) 0% 4/14/2060 (03/31/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. Ypso Finance Bis SA (EUR) 8% 5/15/2027 (03/31/2020): 2600MM Secured Notes.
3. Volvo Treasury AB (SEK) FLT% 12/8/2022 (04/01/2020): 2000MM Senior Unsecured Notes.
(None Current 04/01/2020)
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 –0.276%, as of 04/1/2020.
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