EUROPE’S MARKETS ARE DOWN. SENTIMENT IS DOWN AGAIN CONCERNING THE CORONAVIRUS BECAUSE INFECTIONS ARE SPIKING. NOTABLE JUMP IN CONCERN THAT THE VIRUS MAY BE HARDER TO CONTAIN. FTSE 100 +1.09, German DAX -0.03%, CAC 40 -0.19%, STOXX Europe 600 -0.02%. The 10-year Gilt was up 4.0 bps.
European Bond Research – February 13, 2020Posted on February 13, 2020
EUROPEAN BOND RESEARCH
February 13, 2020
|New Issues||New Issues [Continued]|
|1. Hopson Capital Intl. Group Co. LTD (USD) 6% 2/17/2021 (02/12/2020): 500MM Senior Unsecured Notes.
2. Lansforsakringar Bank AB (EUR) 0.125% 2/19/2025 (02/12/2020): 500MM Senior Preferred Security.
3. Deutsche Bank AG (USD) 6% PERP (02/12/2020): 1250MM Junior Subordinated Notes, Price at Issuance 100.028.
4. BNP Paribas (CHF) 0.15% 3/10/2028 (02/13/2020): 180MM Senior Non Preferred Notes, Price at Issuance 100.104, Yielding .14%.
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 –0.362%, as of 02/12/2020.
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