EUROPEAN BOND RESEARCH
January 13, 2021
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.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|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.
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.
Copyright 2021 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.