OIL PRICES CONTINUE TO RISE LIFTING MARKETS. JOBLESS CLAIMS OF 4.4 MM WERE LESS THEN EXPECTED AND SMALLER THEN THE PREVIOUS WEEK. CORONAVIRUS CASES AND DEATHS CONTINUE TO FALL. FTSE 100 +0.97%, German DAX +0.95%, CAC 40 +0.89%, STOXX Europe 600 +1.01%. The 10-year Gilt was up 2.6 bps.
European Bond Research – April 23, 2020Posted on April 23, 2020
EUROPEAN BOND RESEARCH
April 23, 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, Price at Issuance 91.975.
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, Price at Issuance 99.139, Yielding 3.042%.
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.
6. Citigroup Inc. (USD) 0% 4/29/2060 (04/22/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
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 –0.124%, as of 04/22/2020.
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