WORLDS STOCK MARKETS WERE DOWN FOR MOST OF THE DAY. SOVEREIGN BONDS WERE MIXED TO DOWN. OIL WAS NOTICIBLY LOWER. FTSE 100 -0.85%, German DAX -0.94%, CAC 40 -0.22%, STOXX Europe 600 -0.65%. The 10-year Gilt was down 4.5 basis points.
European Bond Research – January 23, 2020Posted on January 23, 2020
EUROPEAN BOND RESEARCH
January 23, 2020
|New Issues||New Issues [Continued]|
|1. Stena International SA (USD) 6.125% 2/1/2025 Reg S (01/22/2020): 350MM Secured Notes, Price at Issuance 100, Yielding 6.13%.
2. INEOS Styrolution Group GmbH (EUR) 2.25% 1/16/2027 Reg S (01/22/2020): 600MM Secured Notes, Price at Issuance 100, Yielding 2.25%.
3. Bank of Montreal (USD) 2% 1/24/2023 (01/22/2020): 50000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2%.
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 01/22/2020
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