CHINA’S PRESIDENT XI CALMS NERVES BY STATING THE SITUATION IS UNDER CONTROL AND THE CHINA WILL STILL MEET IT’S GROWTH TARGETS DESPITE CURRENT DISRUPTION. FTSE 100 +1.02, German DAX +0.79%, CAC 40 +0.90%, STOXX Europe 600 +0.83%. The 10-year Gilt was down 2.4 bps.
European Bond Research – February 19, 2020Posted on February 19, 2020
EUROPEAN BOND RESEARCH
February 19, 2020
|New Issues||New Issues [Continued]|
|1. Dow Chemical Co. (EUR) 0.5% 3/15/2027 (02/18/2020): 1000MM Senior Unsecured Notes.
2. Dow Chemical Co. (EUR) 1.125% 3/15/2032 (02/18/2020): 750MM Senior Unsecured Notes.
3. Dow Chemical Co. (USD) 1.875% 3/15/2040 (02/18/2020): 500MM Senior Unsecured Notes.
4. Banca IFIS SpA (EUR) 1.75% 6/25/2024 (02/18/2020): 400MM Senior Preferred Security, Price at Issuance 99.692, Yielding 1.823%.
5. BNP Paribas (USD) 4.5% PERP Reg S (02/18/2020): 1750MM Junior Subordinated Notes, Price at Issuance 100, Yielding 4.5%.
6. Whirlpool Emea Finance SA R.L. (EUR) 0.5% 2/20/2028 (02/18/2020): 500MM Senior Unsecured Notes.
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 –0.358%, as of 02/18/2020.
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide