IMPROVING CORONAVIRUS CASE AND DEATH NUMBERS PUSHES MARKETS HIGHER. SENTIMENT THAT DAMAGE TO THE ECONOMY MIGHT BE NEGATED IF IMPROVEMENTS CONTINUES. FTSE 100 -0.47%, German DAX -0.23%, CAC 40 +0.1%, STOXX Europe 600 +0.02%. The 10-year Gilt was down 3 bps.
European Bond Research – April 8, 2020Posted on April 8, 2020
EUROPEAN BOND RESEARCH
April 8, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. ING Bank NV (EUR) 0.389% 4/9/2028 (04/07/2020): 5000MM Senior Unsecured Notes, Price at Issuance 100, Yielding .39%.
2. ING Bank NV (EUR) 0.518% 4/9/2030 (04/07/2020): 4000MM Senior Unsecured Notes, Price at Issuance 100, Yielding .52%.
3. ING Bank NV (EUR) 0.324% 4/9/2027 (04/07/2020): 5000MM Senior Unsecured Notes, Price at Issuance 100, Yielding .32%.
4. Bouygues (EUR) 1.125% 7/24/2028 (04/07/2020): 1000MM Senior Unsecured Notes.
5. Enbw International Finance BV (EUR) 0.625% 4/17/2025 (04/07/2020): 500MM Senior Unsecured Notes.
6. BAE Systems PLC (USD) 3.4% 4/15/2030 144A (04/07/2020): 1300MM Senior Unsecured Notes, Price at Issuance 99.296, Yielding 3.48%.
7. BAE Systems PLC (USD) 3.4% 4/15/2030 Reg S (04/07/2020): 1300MM Senior Unsecured Notes, Price at Issuance 99.296, Yielding 3.48%.
8. BNG Bank NV (USD) 0.75% 4/17/2023 144A (04/07/2020): 2000MM Senior Unsecured Notes, Price at Issuance 99.811, Yielding .81%.
9. Sonae Investimentos SGPS SA (EUR) FLT% 10/8/2027 (04/07/2020): 95MM Senior Unsecured Notes, Price at Issuance 100.
10. BNG Bank NV (USD) 0.75% 4/17/2023 Reg S (04/07/2020): 2000MM Senior Unsecured Notes, Price at Issuance 99.811, Yielding .81%.
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 –0.232%, as of 04/7/2020.
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