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
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide