UROPEAN BOND RESEARCH
July 17, 2020
MARKETS MIXED AS STRONG RETAIL NUMBERS ARE BATTLING WITH COVID AND MILLIONS UNEMPLOYED. RISING CASES MEANS MORE LOCKDOWNS AND MAKING MASKS MANDATORY FOR THE WHOLE USA. FTSE 100 +0.63%, German DAX +0.35%, CAC 40 -0.31%, STOXX Europe 600 +0.15%. The 10-year Gilt was up 2.7 bps.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Societe Generale (JPY) 2% 7/29/2022 (07/16/2020): 5063MM Senior Unsecured Notes, Price at Issuance 100.
2. Toyota Motor Finance (Netherlands) BV (EUR) FLT% 7/22/2022 (07/16/2020): 50MM Senior Unsecured Notes, Price at Issuance 100.
3. Gamma Bidco S.P.A. (EUR) FLT% 7/15/2025 Reg S (07/16/2020): 300MM Secured Notes, Price at Issuance 98.
4. Gamma Bidco S.P.A. (EUR) 6.25% 7/15/2025 Reg S (07/16/2020): 340MM Secured Notes, Price at Issuance 100, Yielding 6.25%.
5. Paper Industries Financing SA R.L. (EUR) FLT% 3/1/2025 Reg S (07/16/2020): 55MM Secured Notes, Price at Issuance 90.
6. Credit Agricole CIB SA (USD) 0% 7/30/2060 (07/16/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
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 –0.352%, as of 07/16/2020.
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.