EUROPEAN BOND RESEARCH
July 29, 2020
MARKETS MIXED TO HIGHER AS CEO’S OF BIG TECH COMPANIES READY TO TESTIFY TO CONGRESS AS TO ANTI-COMPETITION CONCERNS. FTSE 100 +0.12%, German DAX -0.14%, CAC 40 +0.69%, STOXX Europe 600 -0.05%. The 10-year Gilt was up .9 bps.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Kommuninvest I Sverige AB (JPY) 6.2% 8/18/2021 (07/28/2020): 250MM Senior Unsecured Notes, Price at Issuance 100.
2. Kommuninvest I Sverige AB (JPY) 7.8% 8/18/2021 (07/28/2020): 250MM Senior Unsecured Notes, Price at Issuance 100.
3. DZ Bank AG (EUR) 0.42% 8/7/2028 (07/28/2020): 150MM Senior Preferred Security, Price at Issuance 100, Yielding .42%.
4. Morgan Stanley & Co. Intl. PLC (USD) 0% 8/12/2059 (07/28/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
5. Goldman Sachs Finance Corp. Intl. LTD (EUR) 1% 7/29/2023 (07/28/2020): 80MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1%.
6. NEW Look Financing PLC (GBP) 12% 5/3/2024 Reg S (07/28/2020): 400MM Secured Notes.
7. Faurecia SA (EUR) 3.75% 6/15/2028 (07/28/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.75%.
8. Faurecia SA (EUR) 2.625% 6/15/2025 (07/28/2020): 300MM Senior Unsecured 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 –0.379%, as of 07/28/2020.
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