THE SEESAW OF VIEWS AND OUTLOOKS SEEMS TO SHOW THE MARKETS ARE ONCE AGAIN LEARY AS TO WHAT THE FINANCIAL EFFECT COULD BE ON THE WORLD’S ECONOMY. FTSE 100 -0.27, German DAX -0.91%, CAC 40 -0.80%, STOXX Europe 600 -0.86%. The 10-year Gilt was down 2.3 bps.
European Bond Research – February 20, 2020Posted on February 20, 2020
EUROPEAN BOND RESEARCH
February 20, 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 –0.353%, as of 02/19/2020.
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