EQUITY MARKETS ARE MIXED TO UP. When and where Iran hits next is anyone’s guess. Markets are calmer and will wait for the next hit on the market. FTSE 100 -0.02%, German DAX +0.78%, CAC 40 +0.11%, STOXX Europe 600 +0.31%. The 10-year Gilt gained 2.5 basis points.

European Bond Research – January 7, 2020
Posted on January 7, 2020
EUROPEAN BOND RESEARCH
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January 7, 2020
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Bond Markets
Credit-Default Swap Market
New Issuance
New Issues | New Issues [Continued] |
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1. Cooperatieve Rabobank U.A. (GBP) 1.25% 1/14/2025 (01/06/2020): 500MM Senior Non Preferred Notes, Price at Issuance 99.411, Yielding 1.373%.
2. Santander UK PLC (USD) 2.1% 1/13/2023 (01/06/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.939, Yielding 2.12%. 3. BNP Paribas (USD) 3.052% 1/13/2031 144A (01/06/2020): 2000MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 3.05%. |
ADI Indexes
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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 –0.325%, as of 01/06/2020
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