STOCKS BOUNCED BACK FROM A TOUGH DAY YESTERDAY. SOME STOCK OPTIMISTS FEEL THE PULL BACK WAS DUE TO HAPPEN AND THE MARKET WAS LOOKING FOR ANY EXCUSE. FUNDAMENTALIST STILL FEEL A PULL BACK MAY EXPOSE A VERY OVERLY EUPHORIC ATTITUDE. FTSE 100 +0.81%, German DAX +0.64%, CAC 40 +0.85%, STOXX Europe 600 +0.63%. The 10-year Gilt was up 4.1 basis points.
European Bond Research – January 28, 2020Posted on January 28, 2020
EUROPEAN BOND RESEARCH
January 28, 2020
|New Issues||New Issues [Continued]|
|1. Lloyds Bank PLC (GBP) FLT% 2/3/2023 (01/27/2020): 1000MM Secured Notes.
2. Rikshem AB (SEK) 0.828% 2/3/2025 (01/27/2020): 500MM Senior Unsecured Notes.
3. Toyota Industries Finance Intl. AB (EUR) FLT% 2/14/2022 (01/27/2020): 50MM 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: currently 7.5% (seasonally adjusted, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.333%, as of 01/28/2020
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