STOCKS FELL DUE AGAIN TO THE FEAR THAT TARIFFS WILL BE LEVIED ON DECEMBER 15TH. The US and China are both hinting that no tariffs will be levied and that in fact some tariffs maybe rescinded. FTSE 100 -0.28%, German DAX -0.27%, CAC 40 +0.18%, STOXX Europe 600 -0.26%. The 10-year Gilt gained 3.6 basis points.
European Bond Research – December 10, 2019Posted on December 10, 2019
EUROPEAN BOND RESEARCH
December 10, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Sagax AB (SEK) FLT% 6/16/2023 (12/09/2019): 500MM Senior Unsecured Notes.
2. JAB Holdings BV (EUR) 1% 12/20/2027 (12/09/2019): 750MM Senior Unsecured Notes, Price at Issuance 99.018, Yielding 1.129%.
3. Retail Estates NV (EUR) 2.15% 12/18/2026 (12/10/2019): 75MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.15%.
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: currently 7.5% (seasonally adjusted, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.332%, as of 12/09/2019
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