EUROPEAN BOND RESEARCH
JULY 1, 2020
PFIZER REPORTED PROGRESS ON ITS VACCINE LIFTING MARKETS FOR THE MOST PART. PAYROLL NUMBERS, UNEMPLOYMENT NUMBERS, RISING MANUFACTURING GAUGE AND RISING COVID CASES PAINTS A CLOUDY PICTURE FOR MARKETS FTSE 100 -0.19%, German DAX -0.41%, CAC 40 -0.19, STOXX Europe 600 +0.19%. The 10-year Gilt was up 3.7 bps.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Takeda Pharmaceutical Co. LTD (EUR) 0.75% 7/9/2027 (06/29/2020): 750MM Senior Unsecured Notes.
2. Takeda Pharmaceutical Co. LTD (EUR) 1% 7/9/2029 (06/29/2020): 850MM Senior Unsecured Notes.
3. Takeda Pharmaceutical Co. LTD (EUR) 1.375% 7/9/2032 (06/29/2020): 1000MM Senior Unsecured Notes.
4. Takeda Pharmaceutical Co. LTD (EUR) 2% 7/9/2040 (06/29/2020): 1000MM Senior Unsecured Notes.
5. Henkel AG & Co. KGaA (USD) 1.042% 7/7/2025 (06/29/2020): 70MM Senior Unsecured Notes.
6. Nykredit Realkredit AS (NOK) FLT% 7/7/2025 (06/29/2020): 1750MM Senior Non Preferred 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: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value –0.308%, as of 07/01/2020.
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