MARKETS ARE WAY UP BECAUSE MULTIPLE COUNTRIES ARE REACHING THE APEX FOR CASES AND DEATHS FOR THE VIRUS OUTBREAK. FTSE 100 +3.08%, German DAX +5.77%, CAC 40 +4.61%, STOXX Europe 600 +3.78%. The 10-year Gilt was up 1.9 bps.

European Bond Research – April 6, 2020
Posted on April 6, 2020
EUROPEAN BOND RESEARCH
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April 6, 2020
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New Issues | New Issues [Continued] |
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1. Scania CV AB (SEK) FLT% 4/17/2025 (04/06/2020): 600MM Senior Unsecured Notes.
2. Caisse Centrale du Credit Immobilier de France SA (EUR) 0.05% 3/25/2025 (04/06/2020): 500MM Senior Unsecured Notes. 3. Sanofi (EUR) 1% 4/1/2025 (04/06/2020): 250MM Senior Unsecured Notes. 4. Sanofi (EUR) 1.5% 4/1/2030 (04/06/2020): 250MM Senior Unsecured Notes. 5. Holcim Finance Luxembourg SA (EUR) 2.375% 4/9/2025 (04/06/2020): 500MM Senior Unsecured Notes. 6. Stora Enso Oyj (EUR) 2.5% 6/7/2027 (04/06/2020): 300MM Senior Unsecured Notes. 7. Autostrade per l’Italia SpA (EUR) 1.625% 6/12/2023 (04/06/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.25, Yielding 1.87%. 8. Repsol International Finance BV (EUR) 2% 12/15/2025 (04/06/2020): 750MM Senior Unsecured Notes. 9. Repsol International Finance BV (EUR) 2.625% 4/15/2030 (04/06/2020): 750MM Senior Unsecured Notes. 10. Svenska Handelsbanken AB (EUR) 1% 4/15/2025 (04/06/2020): 1250MM Senior Preferred Security. |
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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 –0.277%, as of 04/3/2020.
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