ALTHOUGH CHINA AND THE US SAY TALKS ARE CLOSE TO CREATING PHASE 1 OF A TRADE DEAL, INVESTORS ARE NOT REACTING UNTIL SOMETHING CONCRETE COMES OUT ONE WAY OR ANOTHER. HOUSE IS IN THE PROCESS OF DRAFTING THE ARTICLES OF IMPEACHMENT. FTSE 100 -0.70%, German DAX -0.65%, CAC 40 +0.03%, STOXX Europe 600 -0.03%. The 10-year Gilt LOST 3.3 basis points.
European Bond Research – December 5, 2019Posted on December 5, 2019
EUROPEAN BOND RESEARCH
December 5, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Societe Generale (EUR) 0% 3/4/2021 (12/04/2019): 80MM Senior Preferred Security, Price at Issuance 100.286, Yielding -.23%.
2. Norwegian Energy Co. AS (USD) 9% 6/17/2026 (12/04/2019): 175MM Senior Unsecured Notes, Price at Issuance 100, Yielding 9%.
3. Wells Fargo & Co. (USD) 0% 12/10/2049 (12/04/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
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 –0.335%, as of 12/04/2019
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