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 +0.47, German DAX +0.89%, CAC 40 +0.83%, STOXX Europe 600 +0.63%. The 10-year Gilt was up 4.5 bps.
European Bond Research – February 12, 2020Posted on February 12, 2020
EUROPEAN BOND RESEARCH
February 12, 2020
|New Issues||New Issues [Continued]|
|1. Cimpress NV (USD) 7% 6/15/2026 (02/11/2020): 200MM Senior Unsecured Notes.
2. Banco BPM S.P.A. (EUR) 1.625% 2/18/2025 (02/11/2020): 750MM Senior Non Preferred Notes.
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 –0.35%, as of 02/11/2020.
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