UK ADDS FRANCE TO THE LIST OF TRAVELING BAN COUNTRIES. THAT PUT DOWNWARD PRESSURE ON AIRLINE, TRAVELING, AND HOSPITALITY STOCKS MAKING EUROPE FINISHING IN THE RED FOR THE WEEK. FTSE 100 -1.55%, German DAX -0.71%, CAC 40 -1.58%, STOXX Europe 600 -1.17%. The 10-year Gilt was up 1.6 bps.

European Bond Research – August 14, 2020
Posted on August 14, 2020
EUROPEAN BOND RESEARCH
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August 14, 2020
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New Issues | New Issues [Continued] |
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1. Hemso Fastighets AB (SEK) 0.465% 8/21/2023 (08/13/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding .47%.
2. DZ Bank AG (EUR) 0.01% 9/30/2022 (08/13/2020): 50MM Senior Preferred Security, Price at Issuance 100.55, Yielding -.25%. 3. Volvo Treasury AB (SEK) 0.948% 5/17/2023 (08/13/2020): 500MM Senior Unsecured Notes. 4. Volvo Treasury AB (SEK) FLT% 5/17/2023 (08/13/2020): 2000MM Senior Unsecured Notes. 5. UBS AG London (JPY) VAR% 8/25/2023 (08/14/2020): 5713MM Senior Unsecured Notes, Price at Issuance 100. |
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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 –0.433%, as of 08/13/2020.
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