STOCKS WERE UP AS TRUMP ADMINISTRATION STATED THEY ARE CLOSE TO A DEAL. This is a reverse in tone from the President’s Tweet yesterday. FTSE 100 +0.42%, German DAX +1.16%, CAC 40 +1.27%, STOXX Europe 600 +1.18%. The 10-year Gilt gained 7.6 basis points.
European Bond Research – December 4, 2019Posted on December 4, 2019
EUROPEAN BOND RESEARCH
December 4, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Unione di Banche Italiane SCpA (EUR) VAR% 12/9/2021 (12/03/2019): 64MM Senior Preferred Security, Price at Issuance 100.
2. Sema Lease Uk Limited (GBP) 7% 11/25/2021 (12/03/2019): 75MM Secured Notes.
3. E.ON SE (EUR) 0% 9/29/2022 (12/03/2019): 500MM 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: currently 7.5% (seasonally adjusted, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.333%, as of 12/03/2019
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