EUROPE’S MARKETS ARE UP. SENTIMENT IS CURRENTLY THAT THE CORONAVIRUS IS FINALLY BEING CONTAINED AND SLOWING DOWN. GLOBAL COMPANIES ARE REPORTING SOLID EARNINGS. FTSE 100 +0.71, German DAX +1.16%, CAC 40 +0.67%, STOXX Europe 600 +0.95%. The 10-year Gilt was up .9 bps.
European Bond Research – February 11, 2020Posted on February 11, 2020
EUROPEAN BOND RESEARCH
February 11, 2020
|New Issues||New Issues [Continued]|
|1. Banco Santander SA (EUR) FLT% 2/11/2025 (02/10/2020): 215MM Senior Preferred Security.
2. Rede D’Or Finance Sarl (USD) 4.5% 1/22/2030 (02/10/2020): 350MM Senior Unsecured Notes, Price at Issuance 100.784, Yielding 4.4%.
3. Societe Generale (CHF) 0.25% 2/25/2027 (02/11/2020): 160MM Senior Non Preferred Notes, Price at Issuance 100.556, Yielding .17%.
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, November 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q4)
- 6-month Euribor: current value –0.346%, as of 02/10/2020.
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