GOOD NEWS ON THE VACCINE FRONT, STRONG EARNINGS AND TENSIONS LESSENING BETWEEN CHINA AND USA DROVE GLOBAL MARKETS HIGHER. FTSE 100 +0.14%, German DAX +0.98%, CAC 40 +0.8%, STOXX Europe 600 +0.91%. The 10-year Gilt was up 3.9 bps.
European Bond Research – August 26, 2020Posted on August 26, 2020
EUROPEAN BOND RESEARCH
August 26, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Skandinaviska Enskilda Banken AB (USD) FLT% 9/1/2023 144A (08/25/2020): 400MM Senior Preferred Security, Price at Issuance 100.
2. Skandinaviska Enskilda Banken AB (USD) 0.55% 9/1/2023 Reg S (08/25/2020): 1000MM Senior Preferred Security, Price at Issuance 99.976, Yielding .56%.
3. Skandinaviska Enskilda Banken AB (USD) FLT% 9/1/2023 Reg S (08/25/2020): 400MM Senior Preferred Security, Price at Issuance 100.
4. Skandinaviska Enskilda Banken AB (USD) 0.85% 9/2/2025 Reg S (08/25/2020): 600MM Senior Preferred Security, Price at Issuance 99.893, Yielding .87%.
5. Skandinaviska Enskilda Banken AB (USD) 0.55% 9/1/2023 144A (08/25/2020): 1000MM Senior Preferred Security, Price at Issuance 99.976, Yielding .56%.
6. Skandinaviska Enskilda Banken AB (USD) 0.85% 9/2/2025 144A (08/25/2020): 600MM Senior Preferred Security, Price at Issuance 99.893, Yielding .87%.
7. Intesa Sanpaolo SPA (EUR) FLT% PERP (08/25/2020): 750MM Junior Subordinated Notes.
8. Intesa Sanpaolo SPA (EUR) VAR% PERP (08/25/2020): 750MM Subordinated Notes.
9. NatWest Bank PLC (USD) VAR% 11/28/2035 (08/25/2020): 850MM Subordinated Notes, Price at Issuance 100.
10. Bank of Ireland (EUR) VAR% PERP (08/26/2020): 300MM Junior Subordinated Notes.
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 –0.443%, as of 08/25/2020.
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