EUROPEAN BOND RESEARCH
July 22, 2020
EU MARKETS LOWER AS CORONAVIRUS FLAREUPS TEMPER OPENING THE ECONOMY. STIMULUS IS NEEDED TO HELP BOLSTER EU’S ECONOMIES. FTSE 100 -1.0%, German DAX -0.51%, CAC 40 -1.32%, STOXX Europe 600 -0.87%. The 10-year Gilt was down 1.3 bps.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Eurofima (EUR) 0% 7/28/2026 (07/21/2020): 300MM Senior Unsecured Notes, Price at Issuance 101.081.
2. Eurofima (EUR) 0.15% 10/10/2034 (07/21/2020): 250MM Senior Unsecured Notes, Price at Issuance 99.496, Yielding .186%.
3. Azzurra Aeroporti S.P.A. (EUR) 2.625% 5/30/2027 (07/21/2020): 300MM Secured Notes.
4. Azzurra Aeroporti S.P.A. (EUR) 2.125% 5/30/2024 (07/21/2020): 360MM Secured Notes.
5. Purple Protected Asset SA (EUR) FLT% 7/29/2021 (07/21/2020): 1500MM Secured Notes, Price at Issuance 100.
6. UBS Group AG (USD) VAR% PERP (07/22/2020): 750MM Junior Subordinated Notes, Yielding 5.125%.
7. UBS Group AG (USD) VAR% PERP (07/22/2020): 750MM Junior Subordinated Notes, Yielding 5.125%.
8. Raiffeisen Bank Intl. AG (EUR) VAR% PERP (07/22/2020): 500MM Junior Subordinated 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 –0.353%, as of 07/21/2020.
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