MARKETS MIXED TO DOWN AS ANOTHER MILLION AMERICANS FILE FOR 1ST TIME UNEMPLOYMENT. COVID 19 VACCINES MAY REQUIRE ULTRA LOW-TEMPERATURE STORAGE RAISING DISTRIBUTION CONCERNS. FTSE 100 -0.75%, German DAX -0.71%, CAC 40 -0.64%, STOXX Europe 600 -0.64%. The 10-year Gilt was up 5.7 bps.
European Bond Research – August 27, 2020Posted on August 27, 2020
EUROPEAN BOND RESEARCH
August 27, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Bank of Ireland (EUR) VAR% PERP (08/26/2020): 300MM Junior Subordinated Notes.
2. Belfius Bank SA/NV (EUR) 0.375% 9/2/2025 (08/26/2020): 500MM Senior Non Preferred Notes, Price at Issuance 99.768, Yielding .422%.
3. Danske Bank AS (EUR) 1.5% 9/2/2030 (08/26/2020): 500MM Subordinated Notes, Price at Issuance 99.814, Yielding 1.539%.
4. Aktia Bank PLC (NOK) FLT% 9/2/2024 (08/26/2020): 500MM Senior Preferred Security.
5. Deutsche Bank AG (EUR) VAR% 9/3/2026 (08/27/2020): 750MM Senior Non Preferred Notes.
6. DZ Bank AG (EUR) 0.01% 9/2/2022 (08/27/2020): 100MM Secured Notes, Price at Issuance 100.64, Yielding -.31%.
7. Sampo OYJ (EUR) VAR% 9/3/2052 (08/27/2020): 1000MM Subordinated Notes.
8. Berlin Hyp AG (CHF) 0.25% 9/11/2028 (08/27/2020): 125MM Senior Preferred Security, Price at Issuance 100.934, Yielding .13%.
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 08/26/2020.
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