GLOBAL STOCK PRICES ARE UP ON TRUMP’S TWEET THAT A “BIG” CHINA DEAL IS VERY CLOSE. Trump wants to swap further tariffs and cuts in current tariffs in return for better access to China’s markets, intellectual property protection and increase purchases by China of US farm goods and other products. FTSE 100 +1.11%, German DAX +.67%, CAC 40 +0.53%, STOXX Europe 600 +0.47%. The 10-year Gilt gained 5.5 basis points.
European Bond Research – December 12, 2019Posted on December 12, 2019
EUROPEAN BOND RESEARCH
December 12, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Rainmaker Solutions (USD) 0% 12/20/2023 (12/11/2019): 50MM Secured Notes, Price at Issuance 100.35, Yielding -.09%.
2. Berry Global Inc. (EUR) 1.5% 1/15/2027 Reg S (12/12/2019): 375MM Secured Notes, Price at Issuance 100, Yielding 1.5%.
(None Current 12/12/2019)
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 –0.338%, as of 12/11/2019
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