EUROPEAN BOND RESEARCH
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December 18, 2020
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GLOBAL MARKETS WERE DOWN AS TALKS OVER THE $900 BILLION STIMULUS DEAL WAS BOGGED DOWN CONCERNING FED QA PROGRAM AND DEBT CEILING TALKS. FTSE 100 -0.30%, German DAX -0.33%, CAC 40 -0.39%, STOXX Europe 600 -0.35%. The 10-year Gilt was DOWN 3.9 bps.
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New Issuance
New Issues | New Issues [Continued] |
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1. National Bank of Canada (USD) 0% 12/30/2060 (12/17/2020): 90MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. Soc Activos Rest Bancaria (EUR) FLT% 12/31/2022 (12/18/2020): 10260MM Senior Unsecured Notes. 3. Cima Finance Dac (USD) 4.5% 7/2/2030 (12/18/2020): 70MM Secured Notes, Price at Issuance 100, Yielding 4.5%. 4. Soc Activos Rest Bancaria (EUR) FLT% 12/31/2022 (12/18/2020): 13542MM Senior Unsecured Notes. |
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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 –0.518%, as of 12/17/2020.
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