OIL IS STILL NEAR ITS ALL TIME LOW OF 12.81. BANK EARNINGS WERE DOWN BUT BEAT EXPECTATIONS DRIVING MARKETS UP. EUROPEAN COUNTRIES OPENING UP. FTSE 100 +1.91%, German DAX +1.21%, CAC 40 +1.43%, STOXX Europe 600 +1.54%. The 10-year Gilt was down 1.5 bps.
European Bond Research – April 28, 2020Posted on April 28, 2020
EUROPEAN BOND RESEARCH
April 28, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Pernod Ricard SA (EUR) 1.125% 4/7/2025 (04/27/2020): 250MM Senior Unsecured Notes.
2. Pernod Ricard SA (EUR) 1.75% 4/8/2030 (04/27/2020): 250MM Senior Unsecured Notes.
3. Pernod Ricard SA (EUR) 1.125% 4/7/2025 (04/27/2020): 250MM Senior Unsecured Notes, Price at Issuance 101.762, Yielding .76%.
4. Pernod Ricard SA (EUR) 1.75% 4/8/2030 (04/27/2020): 250MM Senior Unsecured Notes, Price at Issuance 106.428, Yielding 1.065%.
5. Volvo Treasury AB (SEK) FLT% 5/5/2022 (04/27/2020): 700MM Senior Unsecured Notes.
6. ASML Holding NV (EUR) 0.625% 5/7/2029 (04/28/2020): 750MM Senior Unsecured Notes.
7. Amphenol Techs Hldg GmbH (EUR) 0.75% 5/4/2026 (04/28/2020): 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 –0.147%, as of 04/27/2020.
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