MARKETS ARE TAKING ANOTHER BEATING DUE TO THE CONTINUED SPREAD OF THE CORONAVIRUS. FTSE 100 -1.82, German DAX -1.86%, CAC 40 -1.96%, STOXX Europe 600 -1.72%. The 10-year Gilt was down 3.3 bps.
European Bond Research – February 25, 2020Posted on February 25, 2020
EUROPEAN BOND RESEARCH
February 25, 2020
|New Issues||New Issues [Continued]|
|1. ING Groep NV (USD) 4.875% PERP (02/24/2020): 750MM Junior Subordinated Notes.
2. Societe Generale SA (EUR) 0.235% 2/26/2029 (02/25/2020): 750MM .
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 –0.357%, as of 02/24/2020.
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