GLOBAL MARKETS WERE MOSTLY LOWER AS THE US FIGHTS OVER HOW MUCH STIMULUS TO RAISE AND HOW MUCH HELP IS GOING TO BE GIVEN TO CASH STRAPPED STATES. COVID CASES ARE REALLY SOARING. FTSE 100 -0.80%, German DAX -1.36%, CAC 40 -0.76%, STOXX Europe 600 -0.77%. The 10-year Gilt was DOWN 0.3 bps.
European Bond Research – December 11, 2020Posted on December 11, 2020
EUROPEAN BOND RESEARCH
December 11, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. IREN SpA (EUR) 0.25% 1/17/2031 (12/10/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.03, Yielding .348%.
2. Global Agrajes SL (EUR) FLT% 12/22/2025 (12/10/2020): 125MM Secured Notes, Price at Issuance 100.
3. Greenalia SA (EUR) 4.95% 12/15/2025 (12/10/2020): 55MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.95%.
4. Sofima Holding S.P.A. (EUR) 3.75% 1/15/2028 Reg S (12/10/2020): 830MM Secured Notes, Price at Issuance 100, Yielding 3.75%.
5. Sofima Holding S.P.A. (EUR) FLT% 1/15/2028 Reg S (12/10/2020): 450MM Secured Notes, Price at Issuance 99.75.
6. Contourglobal Power Hldg SA (EUR) 2.75% 1/1/2026 Reg S (12/10/2020): 410MM Secured Notes, Price at Issuance 100, Yielding 2.75%.
7. Contourglobal Power Hldg SA (EUR) 3.125% 1/1/2028 Reg S (12/10/2020): 300MM Secured Notes, Price at Issuance 100, Yielding 3.13%.
8. Goucheng Intl. Co. LTD. (USD) 3.5% 12/16/2023 (12/10/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.5%.
9. Akuo Energy SAS (EUR) 4.25% 12/12/2026 (12/11/2020): 60MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.25%.
10. Axactor SE (EUR) FLT% 1/12/2024 (12/11/2020): 200MM Senior Unsecured Notes, Price at Issuance 100.
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 –0.523%, as of 12/10/2020.
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