EUROPEAN MARKETS WERE UP AS COVID FIGURES GETTING MUCH BETTER. POST-BREXIT DEAL MAKING PROGRESS AND GETTING AN EXTENSION. DOLLAR WEAKENING TO LOWEST LEVEL SINCE 2018. FTSE 100 -0.23%, German DAX +0.83%, CAC 40 +0.37%, STOXX Europe 600 +0.44%. The 10-year Gilt was UP 5.2 bps.
European Bond Research – December 14, 2020Posted on December 14, 2020
EUROPEAN BOND RESEARCH
December 14, 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 –0.520%, as of 12/11/2020.
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