EUROPEAN BOND RESEARCH
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July 14, 2020
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MARKETS MIXED TO LOWER AS CALIFORNIA, HONG KONG, AND OTHER LOCATIONS CLOSE DOWN BUSINESSES IN ORDER TO DEAL WITH FRESH, SURGING COVID-19 OUTBREAKS. FTSE 100 +0.05%, German DAX -0.8%, CAC 40 -0.96, STOXX Europe 600 -1.01%. The 10-year Gilt was down 3.5 bps.
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New Issues | New Issues [Continued] |
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1. AMS AG (EUR) 6% 7/31/2025 (07/13/2020): 200MM Senior Unsecured Notes, Price at Issuance 100.75, Yielding 5.82%.
2. AMS AG (USD) 7% 7/31/2025 (07/13/2020): 50MM Senior Unsecured Notes, Price at Issuance 100.75, Yielding 6.82%. 3. Ultrapar International SA (USD) 5.25% 6/6/2029 (07/13/2020): 350MM Senior Unsecured Notes, Price at Issuance 99.994. 4. Societe Generale (EUR) VAR% 7/17/2031 (07/13/2020): 80MM Senior Non Preferred Notes. |
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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: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value –0.332%, as of 07/13/2020.
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