European Bond Research – April 24, 2019Posted on April 24, 2019
|Country||Maturity (Y)||Yield (%)||Previous (%)||Spread (bp)|
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Davide Campari-Milano SPA (EUR) 1.655% 4/30/2024 (04/23/2019): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.66%.
2. Mediobanca Di Credito Finanz SpA (USD) 3% 4/26/2022 (04/23/2019): 55MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3%.
3. Wendel (EUR) 1.375% 4/26/2026 (04/23/2019): 300MM Senior Unsecured Notes.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 04/24/2019, 132.09||NAV as of 04/24/2019, 104.62|
|Daily NAV Change (%) +0.31%||Daily NAV Change (%) -0.11%|
OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of positive momentum, although conditions are expected to deteriorate hindered by the termination of quantitative easing, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat’s unemployment rate: currently 7.8% (seasonally adjusted, February 2019)
- Eurostat’s quarterly GDP: 0.2% (2018 Q3 Final)
- 6-month Euribor: current value –0.230%, as of 04/23/2019
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