MARKETS CRASHED TODAY AS 1.5MM MORE WORKERS FILED FOR UNEMPLOYMENT. SECOND CORONAVIRUS WAVE FEARED PROBABLE. PUSH FOR MORE STIMULUS MONEY IS IN THE WORKS. FTSE 100 -3.99%, German DAX -4.47%, CAC 40 -4.71%, STOXX Europe 600 -3.79%. The 10-year Gilt was down 7.1 bps.
European Bond Research – June 12, 2020Posted on June 12, 2020
EUROPEAN BOND RESEARCH
June 11, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Iqvia (EUR) 2.875% 6/15/2028 (06/10/2020): 711MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.88%.
2. Iqvia (USD) 2.875% 6/15/2028 144A (06/10/2020): 711MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.88%.
3. BPER Banca SpA (EUR) 1.875% 7/7/2025 (06/10/2020): 500MM Senior Preferred Security, Price at Issuance 99.569, Yielding 1.965%.
4. BPER Banca SpA (EUR) 1.875% 7/7/2025 (06/10/2020): 500MM Senior Preferred Security, Price at Issuance 99.569, Yielding 1.965%.
5. Edenred (EUR) 1.375% 6/18/2029 (06/10/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.958, Yielding 1.38%.
6. Nationwide Building Society (GBP) 5.75% PERP (06/10/2020): 750MM Junior Subordinated Notes.
7. Snam SpA (EUR) 0.75% 6/17/2030 (06/10/2020): 500MM Senior Unsecured Notes.
8. Dolya Holdco 18 Dac (USD) 5% 7/15/2028 Reg S (06/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5%.
9. Tieto Oyj (EUR) 2% 6/17/2025 (06/10/2020): 300MM Senior Unsecured Notes.
10. Credit Agricole London (CHF) 0.5% 10/1/2026 (06/11/2020): 175MM Senior Non Preferred Notes, Price at Issuance 100.073, Yielding .49%.
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 –0.193%, as of 06/10/2020.
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