EUROPEAN BOND RESEARCH
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July 28, 2020
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MARKETS LOWER AS MCDONALDS AND 3M REPORT LOUSY EARNINGS. CORPORATE EARNINGS REPORTS ARE ROLLING OUT AND ILLUSTRATING THE WIDE ECONOMIC DESTRUCTION COVID HAS PRODUCED. FTSE 100 +0.4%, German DAX -0.03%, CAC 40 -0.22%, STOXX Europe 600 +0.47%. The 10-year Gilt was DOWN .2 bps.
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New Issues | New Issues [Continued] |
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1. Raiffeisen Bank Intl. AG (EUR) 0.335% 8/5/2022 (07/27/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding .34%.
2. RLB Oberoesterreich (EUR) VAR% 8/18/2028 (07/27/2020): 50MM Subordinated Notes, Price at Issuance 98.6. 3. Covivio (EUR) 1.625% 6/23/2030 (07/27/2020): 500MM Senior Unsecured Notes. 4. UBS Group AG (USD) VAR% 7/30/2024 Reg S (07/27/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100. 5. UBS Group AG (USD) VAR% 7/30/2024 144A (07/27/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100. 6. UBS Group AG (USD) VAR% 1/30/2027 Reg S (07/27/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100. 7. UBS Group AG (USD) 1.364% 1/30/2027 144A (07/27/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.36%. 8. Codere Finance (EUR) 12.75% 9/30/2023 Reg S (07/27/2020): 85MM Secured Notes, Price at Issuance 97, Yielding 13.93%. 9. Kommuninvest I Sverige AB (JPY) 6.2% 8/18/2021 (07/28/2020): 250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.2%. 10. Kommuninvest I Sverige AB (JPY) 7.8% 8/18/2021 (07/28/2020): 250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.8%. |
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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 –0.375%, as of 07/27/2020.
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