GDP CONTRACTED BY 4.8%, BUT THE BAD NEWS WAS ECLIPSED BY GILEAD REPORTING THAT REMEDESIVIR WAS SHOWN TO BE AN EFFECTIVE COVID-19 TREATMENT. OIL PRICES ALSO SHOT UP TO 15.19 A BARREL.TSE 100 +2.63%, German DAX +2.89%, CAC 40 +2.22%, STOXX Europe 600 +1.75%. The 10-year Gilt was down .2 bps.
European Bond Research – April 29, 2020Posted on April 29, 2020
EUROPEAN BOND RESEARCH
April 29, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. ASML Holding NV (EUR) 0.625% 5/7/2029 (04/28/2020): 750MM Senior Unsecured Notes.
2. Amphenol Techs Hldg GmbH (EUR) 0.75% 5/4/2026 (04/28/2020): 500MM Senior Unsecured Notes.
3. Lukoil (USD) 3.875% 5/6/2030 144A (04/28/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%.
4. Banco Votorantim (USD) 1.86% 7/30/2020 (04/28/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.86%.
5. CRH Finance BV (EUR) 1.625% 5/5/2030 (04/28/2020): 750MM Senior Unsecured Notes.
6. DZ Bank AG (EUR) 0.235% 6/28/2023 (04/28/2020): 150MM Senior Preferred Security, Price at Issuance 100, Yielding .24%.
7. Secil Cia Geral de Cal (EUR) 1.173% 4/29/2027 (04/29/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.17%.
8. NXP BV (USD) 3.15% 5/1/2027 144A (04/29/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.801, Yielding 3.18%.
9. NXP BV (USD) 2.7% 5/1/2025 144A (04/29/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.916, Yielding 2.72%.
10. NXP BV (USD) 3.4% 5/1/2030 144A (04/29/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.748, Yielding 3.43%.
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 –0.163%, as of 04/28/2020.
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