OIL PRICES REBOUNDED SENDING MARKETS UP. OIL FINISHED UP AT 14.23. CASES AND DEATHS ARE ALSO SLOWING DOWN AND MORE COUNTRIES ARE STARTING TO SLOWLY OPEN UP. FTSE 100 +2.3%, German DAX +1.61%, CAC 40 +1.25%, STOXX Europe 600 +1.8%. The 10-year Gilt was up 2.6 bps.
European Bond Research – April 22, 2020Posted on April 22, 2020
EUROPEAN BOND RESEARCH
April 22, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Erste Group Bank AG (EUR) 0% 4/29/2030 (04/22/2020): 50MM Senior Preferred Security.
2. ST Engineering (USD) 1.5% 4/29/2025 (04/22/2020): 750MM Senior Unsecured Notes.
3. Auchan Hldg (EUR) 2.875% 1/29/2026 (04/22/2020): 1000MM Senior Unsecured Notes.
4. Stora Enso Oyj (SEK) 2.375% 4/29/2025 (04/22/2020): 700MM Senior Unsecured Notes.
5. Stora Enso Oyj (SEK) FLT% 4/29/2025 (04/22/2020): 1000MM 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 –0.178%, as of 04/21/2020.
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