MARKETS REBOUNDED FROM LARGE LOSES LAST WEEK DUE TO THE CORONA VIRUS. BREXIT HAPPENED AT THE END OF FRIDAY AND THE POUND’S VALUE DROPPED 1.4% IN VALUE AGAINST THE USD. FTSE 100 +0.55, German DAX +.49%, CAC 40 +0.45%, STOXX Europe 600 +0.25%. The 10-year Gilt was down 1.1 basis points.
European Bond Research – February 3, 2020Posted on February 3, 2020
EUROPEAN BOND RESEARCH
February 3, 2020
|New Issues||New Issues [Continued]|
|1. Ziggo (EUR) 2.875% 1/15/2030 (02/03/2020): 77MM Secured Notes.
2. Ziggo (USD) 4.875% 1/15/2030 (02/03/2020): 200MM Secured 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 –0.338%, as of 01/31/2020.
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