MARKETS ARE DOWN AS VIRUS CASE AND DEATH COUNTS CONTINUE TO RISE. JOB LOSES CONTINUE TO PILE ON AS THE US REPORTS 700k JOB PAYROLL DIVE. FTSE 100 -1.16%, German DAX -0.16%, CAC 40 -1.22%, STOXX Europe 600 -0.88%. The 10-year Gilt was down 1.5 bps.
European Bond Research – April 3, 2020Posted on April 3, 2020
EUROPEAN BOND RESEARCH
April 3, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Raiffeisen Bank Intl. AG (USD) 0% 4/24/2025 (04/02/2020): 50MM Senior Unsecured Notes, Price at Issuance 93.9745.
2. LafargeHolcim Finance US LLC (CHF) 1.05% 4/11/2022 (04/02/2020): 250MM Senior Unsecured Notes, Price at Issuance 100.02, Yielding 1.04%.
3. Raiffeisen-Landesbank Tirol AG (EUR) FLT% 4/8/2025 (04/02/2020): 200MM Senior Unsecured Notes, Price at Issuance 100.
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 –0.268%, as of 04/2/2020.
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