UK PARLIAMENT PASSED BREXIT LEGISLATION ALLOWING FOR BREXIT TO OFFICIALLY OCCUR AT THE END OF THE MONTH. A deal with the EU is not likely to happen for at least two years. FTSE 100 -0.14%, German DAX +0.04%, CAC 40 +0.07%, STOXX Europe 600 -0.05%. The 10-year Gilt was down 4.8 basis points.
European Bond Research – January 10, 2020Posted on January 10, 2020
EUROPEAN BOND RESEARCH
January 10, 2020
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Deutsche Bank AG (GBP) 2.625% 12/16/2024 (01/09/2020): 850MM Senior Non Preferred Notes.
2. Cellnex Telecom SAU (EUR) 1% 4/20/2027 (01/09/2020): 450MM Senior Unsecured Notes.
3. CaixaBank (EUR) 0.375% 2/3/2025 (01/09/2020): 1000MM Senior Preferred Security.
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, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.333%, as of 01/09/2020
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