STOCKS ARE MIXED TO LOWER AGAIN. SOVEREIGN BONDS ARE LOWER TOO. US MARKETS ARE UP IN ANTICIPATION OF THE US/CHINA PHASE ONE SIGNING. FTSE 100 +0.03%, German DAX -0.27%, CAC 40 -0.29%, STOXX Europe 600 -0.07%. The 10-year Gilt was down 7.9 basis points.

European Bond Research – January 15, 2020
Posted on January 15, 2020
EUROPEAN BOND RESEARCH
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January 15, 2020
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New Issues | New Issues [Continued] |
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1. Prosus NV (USD) 3.68% 1/21/2030 144A (01/14/2020): 1250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.68%.
2. Rede D’Or Finance Sarl (USD) 4.5% 1/22/2030 144A (01/14/2020): 850MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 3. Deutsche Bank AG (CHF) 0.8% 2/7/2025 (01/14/2020): 200MM Senior Non Preferred Notes, Price at Issuance 100, Yielding .8%. |
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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: currently 7.5% (seasonally adjusted, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.329%, as of 01/14/2020
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