GLOBAL MARKETS WERE GENERALLY DOWN AS CASES ARE CLIMBING AND REPUBLICANS ARE BEING VERY STINGY IN GIVING AID TO STATES THAT ARE IN TROUBLE. FTSE 100 +0.08%, German DAX +0.47%, CAC 40 -0.25%, STOXX Europe 600 +0.38%. The 10-year Gilt was UP 0.4 bps.
European Bond Research – December 9, 2020Posted on December 9, 2020
EUROPEAN BOND RESEARCH
December 9, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. ITM Enterprises SA (EUR) 2.6% 12/15/2027 (12/08/2020): 103MM Unsecured Notes.
2. Mitsubishi Ufj Investor Services & Banking (Luxembourg) SA (EUR) 0% 12/21/2025 Reg S (12/08/2020): 667MM Secured Notes, Price at Issuance 100, Yielding 0%.
3. Encore Capital Group Inc. (EUR) FLT% 1/15/2028 Reg S (12/08/2020): 415MM Secured Notes, Price at Issuance 99.
4. SBB Treasury Oyj (EUR) 0.75% 12/14/2028 (12/08/2020): 700MM Senior Unsecured Notes.
5. Barclays Bank PLC (USD) 0% 12/5/2025 (12/08/2020): 500MM Unsecured Notes, Price at Issuance 100, Yielding 0%.
6. Altarea (EUR) 1.75% 1/16/2030 (12/08/2020): 300MM Senior Unsecured Notes.
7. Trafigura Funding SA (USD) 5.875% 9/23/2025 (12/09/2020): 100MM Senior Unsecured Notes.
8. Intesa Sanpaolo SPA (EUR) FLT% 12/14/2028 Reg S (12/09/2020): 300MM Senior 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 –0.518%, as of 12/08/2020.
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