EUROPEAN BOND RESEARCH
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July 23, 2020
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MARKETS DOWN AFTER A LOUSY WEEK OF POOR EARNINGS, RISING UNEMPLOYMENT, SURGING CORONAVIRUS GLOBALLY. FTSE 100 -1.4%, German DAX -2.02%, CAC 40 -1.54%, STOXX Europe 600 -1.7%. The 10-year Gilt was up 2.1 bps.
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New Issues | New Issues [Continued] |
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1. UBS Group AG (USD) VAR% PERP (07/22/2020): 750MM Junior Subordinated Notes, Price at Issuance 100, Yielding 5.125%.
2. UBS Group AG (USD) VAR% PERP (07/22/2020): 750MM Junior Subordinated Notes, Price at Issuance 100, Yielding 5.125%. 3. Raiffeisen Bank Intl. AG (EUR) VAR% PERP (07/22/2020): 500MM Junior Subordinated Notes, Price at Issuance 100. 4. Swedish Export Credit (USD) 0.375% 7/30/2024 (07/23/2020): 600MM Unsecured Notes. 5. BNG Bank NV (EUR) 0.68% 3/4/2050 (07/23/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding .68%. |
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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 –0.373%, as of 07/23/2020.
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