EUROPEAN BOND RESEARCH
January 14, 2021
GLOBAL MARKETS WERE UP EVEN THOUGH JOBLESS CLAIMS JUMPED TO ALMOST 1 MILLION REGISTERED FOR UNEMPLOYMENT BENEFITS THIS WEEK. COVID DEATHS ALSO TOPPED 4K FOR A THIRD TIME THIS WEEK. AS FTSE 100 +0.84%, German DAX -0.08%, CAC 40 +0.33%, STOXX Europe 600 +0.72%. The 10-year Gilt was -1.5 bps.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Motability Operations Group PLC (EUR) 0.125% 7/20/2028 (01/13/2021): 500MM Senior Unsecured Notes.
2. Caisse Des Depots et Consignations (EUR) 0.916% 1/20/2051 (01/13/2021): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding .92%.
3. BNG Bank NV (EUR) 0% 1/20/2031 (01/13/2021): 1000MM Senior Unsecured Notes, Price at Issuance 102.483.
4. Motability Operations Group PLC (GBP) 1.5% 1/20/2041 (01/13/2021): 350MM Senior Unsecured Notes.
5. Scania CV AB (SEK) FLT% 1/20/2025 (01/13/2021): 650MM Senior Unsecured Notes.
6. Dexia Credit Local (EUR) 0% 1/21/2028 (01/13/2021): 1500MM Senior Unsecured Notes, Price at Issuance 101.739.
7. National Grid Co. PLC (EUR) 0.163% 1/20/2028 (01/13/2021): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding .163%.
8. Volkswagen Financial Services NV (GBP) 0.875% 2/20/2025 (01/13/2021): 400MM Senior Unsecured Notes, Price at Issuance 99.516.
9. Fastighets AB Balder (EUR) 1% 1/20/2029 (01/13/2021): 500MM Senior Unsecured Notes, Price at Issuance 99.916, Yielding 1.011%.
10. Swedish Export Credit (SEK) 0.25% 1/18/2028 (01/13/2021): 1000MM 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 -0.527%, as of 1/13/2021.
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