EUROPEAN MARKETS DOWN AS ECB AND EUROPEAN GOVERNMENTS CRAFT A SOLUTION TO HELP AID EUROPE’S ECONOMY. SCOPE AND SIZE OF RELIEF AT THE HEART OF THE ECONOMIC DEBATE. FTSE 100 -1.28%, German DAX -1.69%, CAC 40 -1.3%, STOXX Europe 600 -1.07%. The 10-year Gilt was down 0.2 bps.
European Bond Research – April 24, 2020Posted on April 24, 2020
EUROPEAN BOND RESEARCH
April 24, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Netflix Inc. (USD) 3.625% 6/15/2025 Reg S (04/23/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%.
2. Morgan Stanley & Co. Intl. PLC (USD) 0% 5/14/2059 (04/23/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
3. Credit Suisse London (EUR) FLT% 4/30/2021 (04/23/2020): 200MM Senior Unsecured Notes, Price at Issuance 100.
4. Netflix Inc. (EUR) 3% 6/15/2025 Reg S (04/23/2020): 470MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3%.
5. Firmenich Productions (EUR) 1.375% 10/30/2026 (04/23/2020): 750MM Senior Unsecured Notes.
6. Firmenich Productions (EUR) 1.75% 4/30/2030 (04/23/2020): 750MM Senior Unsecured Notes.
7. Deutsche Wohnen AG (EUR) 1% 4/30/2025 (04/24/2020): 500MM 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 –0.114%, as of 04/23/2020.
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