GLOBAL MARKETS WERE MIXED AS COVID DEATHS AND CASES SEEMED TO REACH A PEEK IN THE US AND EUROPE. VACCINE APPROVED IN UK AND PROGRESS ON US STIMULUS IS MAKING PROGRESS. FTSE 100 +1.23%, German DAX -0.52%, CAC 40 +0.02%, STOXX Europe 600 -0.05%. The 10-year Gilt was UP 0.5 bps.
European Bond Research – December 2, 2020Posted on December 2, 2020
EUROPEAN BOND RESEARCH
December 2, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Deutsche Bank AG London (EUR) 0.25% 1/15/2026 (12/01/2020): 1000MM Secured Notes, Price at Issuance 100, Yielding .25%.
2. Deutsche Bank AG London (EUR) 0.25% 1/15/2026 (12/01/2020): 1000MM Secured Notes, Price at Issuance 100, Yielding .25%.
3. UniCredit SpA (EUR) VAR% 1/20/2026 Reg S (12/01/2020): 100MM Senior Non Preferred Notes, Price at Issuance 100.
4. Volkswagen International Finance NV (EUR) 0.05% 6/10/2025 (12/01/2020): 500MM Senior Unsecured Notes.
5. Deutsche Bank AG London (EUR) 0.25% 1/15/2026 (12/01/2020): 1000MM Secured Notes, Price at Issuance 100, Yielding .25%.
6. Acciona Financiacion Filiales SA (EUR) 3% 12/2/2039 (12/01/2020): 120MM Senior Unsecured Notes, Price at Issuance 92.622, Yielding 3.54%.
7. Kommunalbanken AS (USD) 0.25% 12/8/2023 144A (12/01/2020): 1500MM Senior Unsecured Notes.
8. Autostrade per l’Italia SpA (EUR) 2% 12/4/2028 (12/01/2020): 1250MM Senior Unsecured Notes.
9. Banca Monte Dei Paschi di Siena SpA (EUR) 1.875% 1/9/2026 (12/01/2020): 750MM Senior Preferred Security.
10. Molnlycke Holding AB (EUR) 0% 1/15/2031 (12/02/2020): 400MM Senior Unsecured Notes.
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 –0.508%, as of 12/01/2020.
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