EUROPEAN BOND RESEARCH
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January 13, 2021
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GLOBAL MARKETS WERE MIXED TO HIGHER AS DEMOCRATS AND SOME REPUBLICANS SETUP A VOTE TO IMPEACH PRESIDENT TRUMP. COVID-19 DEATHS ARE TOPPING 10K WORLDWIDE AND 4K+ IN THE US. FTSE 100 -0.13%, German DAX +0.11%, CAC 40 +0.21%, STOXX Europe 600 +0.11%. The 10-year Gilt was -4.5 bps.
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New Issues | New Issues [Continued] |
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1. Caisse Des Depots et Consignations (CHF) 0% 6/26/2028 (01/12/2021): 100MM Senior Unsecured Notes, Price at Issuance 102.142, Yielding -.28%.
2. BNP Paribas (EUR) VAR% 1/19/2030 (01/12/2021): 1000MM Senior Non Preferred Notes. 3. Autostrade per l’Italia SpA (EUR) 2% 1/15/2030 (01/12/2021): 1000MM Senior Unsecured Notes. 4. BNP Paribas (EUR) 0% 1/19/2024 (01/12/2021): 170MM Senior Preferred Security. 5. BNP Paribas (EUR) 0% 1/12/2024 (01/12/2021): 120MM Senior Preferred Security. 6. Motability Operations Group PLC (EUR) 0.125% 7/20/2028 (01/13/2021): 500MM Senior Unsecured Notes. 7. BNG Bank NV (EUR) 0% 1/20/2031 (01/13/2021): 1000MM Senior Unsecured Notes. 8. Motability Operations Group PLC (GBP) 1.5% 1/20/2041 (01/13/2021): 350MM Senior Unsecured Notes. 9. Scania CV AB (SEK) FLT% 1/20/2025 (01/13/2021): 650MM Senior Unsecured Notes. 10. Dexia Credit Local (EUR) 0% 1/21/2028 (01/13/2021): 1500MM Senior Unsecured Notes. |
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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: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value -0.530%, as of 1/12/2021.
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