MARKETS WERE WAY UP AS THE TREASURY IS SEEKING AN ADDITIONAL $200 BILLION IN SBA LOANS. NEW YORK CITY REPORTING LOWER CASES, BUT DEATHS SPIKED. FTSE 100 +2.19%, German DAX +2.79%, CAC 40 +2.12%, STOXX Europe 600 +1.88%. The 10-year Gilt was up 8.1 bps.
European Bond Research – April 7, 2020Posted on April 7, 2020
EUROPEAN BOND RESEARCH
April 7, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Scania CV AB (NOK) FLT% 4/16/2025 (04/06/2020): 800MM Senior Unsecured Notes.
2. Scania CV AB (SEK) FLT% 4/17/2025 (04/06/2020): 600MM Senior Unsecured Notes.
3. Caisse Centrale du Credit Immobilier de France SA (EUR) 0.05% 3/25/2025 (04/06/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.941, Yielding .062%.
4. Sanofi (EUR) 1% 4/1/2025 (04/06/2020): 250MM Senior Unsecured Notes.
5. Sanofi (EUR) 1.5% 4/1/2030 (04/06/2020): 250MM Senior Unsecured Notes.
6. Holcim Finance Luxembourg SA (EUR) 2.375% 4/9/2025 (04/06/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.739, Yielding 2.431%.
7. Stora Enso Oyj (EUR) 2.5% 6/7/2027 (04/06/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.834, Yielding 2.519%.
8. 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%.
9. Repsol International Finance BV (EUR) 2% 12/15/2025 (04/06/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.967, Yielding 2.007%.
10. Repsol International Finance BV (EUR) 2.625% 4/15/2030 (04/06/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.896, Yielding 2.637%.
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 –0.253%, as of 04/6/2020.
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