STOCKS AND SOVEREIGN BOND YIELDS FELL IN RESPONSE TO TRUMP SUGGESTING THERE MIGHT NOT BE A PHASE 1 CHINA/US DEAL SIGNED BEFORE THE 2020 ELECTION. Corporate bond was up as investors pile into investment-grade bonds. FTSE 100 -1.61%, German DAX +0.29%, CAC 40 -0.97%, STOXX Europe 600 -0.58%. The 10-year Gilt lost 0.7 basis points.
European Bond Research – December 3, 2019Posted on December 3, 2019
EUROPEAN BOND RESEARCH
December 3, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Italgas S.P.A. (EUR) 1% 12/11/2031 (12/02/2019): 500MM Senior Unsecured Notes, Price at Issuance 99.271, Yielding 1.065%.
2. Mediobanca Di Credito Finanz SpA (EUR) 0.875% 1/15/2026 (12/02/2019): 500MM Senior Unsecured Notes, Price at Issuance 99.81, Yielding .907%.
3. Unione di Banche Italiane SCpA (EUR) VAR% 12/9/2021 (12/03/2019): 64MM Senior Preferred Security, 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: currently 7.5% (seasonally adjusted, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.345%, as of 12/02/2019
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