BREXIT AND CHINA FLU OUTBREAK ARE WAYING ON THE MARKETS. SOVEREIGN BONDS ACROSS EUROPE WERE LOWER FOR THE MOST PART. FTSE 100 -0.51%, German DAX -0.01%, CAC 40 -0.22%, STOXX Europe 600 +0.16%. The 10-year Gilt was down 0.1 basis points.
European Bond Research – January 22, 2020Posted on January 22, 2020
EUROPEAN BOND RESEARCH
January 22, 2020
|New Issues||New Issues [Continued]|
|1. Ardshinbank CJSC (USD) 6.5% 1/28/2025 144A (01/21/2020): 300MM Senior Unsecured Notes, Price at Issuance 100.
2. Nationwide Building Society (USD) 2% 1/27/2023 144A (01/21/2020): 1000MM Senior Preferred Security, Price at Issuance 99.855, Yielding 2.05%.
3. Jyske Bank A/S (EUR) 1.25% 1/28/2031 (01/21/2020): 200MM Subordinated 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: currently 7.5% (seasonally adjusted, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.334%, as of 01/21/2020
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