GLOBAL MARKETS WERE UP AS PAYROLL NUMBERS WERE LOWER THAN EXPECTED. TIMETABLE FOR VACCINE DISTRIBUTION IS BECOMING CLEAR THAT BY JUNE 2021 THE PANDEMIC WILL BE OVER. FTSE 100 +0.92%, German DAX +0.35%, CAC 40 +0.62%, STOXX Europe 600 +0.01%. The 10-year Gilt was UP 2.9 bps.
European Bond Research – December 4, 2020Posted on December 4, 2020
EUROPEAN BOND RESEARCH
December 4, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Barclays Bank PLC (USD) 0% 12/2/2025 (12/03/2020): 100MM Unsecured Notes, Price at Issuance 100.
2. Lloyds Banking Group PLC (GBP) VAR% 12/3/2035 (12/03/2020): 1308MM Subordinated Notes, Price at Issuance 100.
3. KFW (EUR) 0.951% 9/9/2050 (12/03/2020): 71MM Senior Unsecured Notes, Price at Issuance 100, Yielding .95%.
4. Natixis (USD) 1.813% 12/10/2030 (12/03/2020): 114MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.81%.
5. Banco BPM S.P.A. (EUR) VAR% 1/14/2031 (12/03/2020): 350MM Subordinated Notes.
6. Webuild S.P.A. (EUR) 5.875% 12/15/2025 (12/03/2020): 550MM Senior Unsecured Notes.
7. Link Mobility Group ASA (EUR) 3.375% 12/15/2025 (12/04/2020): 200MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.38%.
8. Barclays Bank PLC (EUR) 0% 12/3/2025 (12/04/2020): 100MM Unsecured Notes, Price at Issuance 100.
9. Swedish Match AB (EUR) 1.2% 11/10/2025 (12/04/2020): 50MM Senior Unsecured Notes.
10. Barclays Bank PLC (EUR) 0% 12/5/2025 (12/04/2020): 100MM Unsecured Notes, 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: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value –0.510%, as of 12/03/2020.
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