OIL PRICE COLLAPSE ARE CAUSING MARKETS TO FALL. MAY OIL CONTRACTS FELL TO ZERO YESTERDAY AND THE JUNE OIL CONTRACTS HAVE FALLEN TO $13.51 A BARREL TODAY. THE LACK OF STORAGE IS EXACERBATING THE SITUATION. FTSE 100 -2.96%, German DAX -3.99%, CAC 40 -3.77%, STOXX Europe 600 -3.37%. The 10-year Gilt was down 3.6 bps.
European Bond Research – April 21, 2020Posted on April 21, 2020
EUROPEAN BOND RESEARCH
April 21, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. JCDecaux SA (EUR) 2.625% 4/24/2028 (04/20/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.625%.
2. JCDecaux SA (EUR) 2% 10/24/2024 (04/20/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.516, Yielding 2.115%.
3. Tesco Corporate Treasury Services PLC (GBP) 2.75% 4/27/2030 (04/20/2020): 450MM Senior Unsecured Notes, Price at Issuance 99.592.
4. Elia Transmission Belgium SA (EUR) 0.875% 4/28/2030 (04/20/2020): 800MM Senior Unsecured Notes, Price at Issuance 98.731, Yielding 1.009%.
5. Sodexo (EUR) 1% 4/27/2029 (04/20/2020): 800MM Senior Unsecured Notes.
6. Sodexo (EUR) 0.75% 4/27/2025 (04/20/2020): 700MM Senior Unsecured Notes.
7. BPCE SA (EUR) 0.625% 4/28/2025 (04/20/2020): 1500MM Senior Preferred Security, Price at Issuance 99.52, Yielding .723%.
(None Current 04/21/2020)
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 –0.185%, as of 04/21/2020.
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