STOCK MARKETS RALLIED TO FRESH HIGHS AS THE CONFLICT WITH IRAN SEEMED TO PULL BACK FROM CONFRONTATION. FTSE 100 +0.31%, German DAX +1.31%, CAC 40 +0.19%, STOXX Europe 600 +0.31%. The 10-year Gilt was unchanged.
European Bond Research – January 9, 2020Posted on January 9, 2020
EUROPEAN BOND RESEARCH
January 8, 2020
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Allianz Finance II (EUR) 0.5% 1/14/2031 (01/07/2020): 750MM Senior Unsecured Notes.
2. BNP Paribas (GBP) 1.875% 12/14/2027 (01/07/2020): 850MM Senior Non Preferred Notes.
3. BNP Paribas (USD) 3.052% 1/13/2031 Reg S (01/07/2020): 2000MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 3.05%.
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 –0.332%, as of 01/08/2020
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