CONSUMER SPENDING IN THE UNITED STATES HAS REBOUNDED STRONGLY GIVING WORLD MARKETS A BIG BOOST OF CONFIDENCE THAT A “V” SHAPE RECOVERY IS POSSIBLE. FTSE 100 +0.17%, German DAX +0.54%, CAC 40 +0.88%, STOXX Europe 600 +0.7%. The 10-year Gilt was down 1.5 bps.

European Bond Research – June 17, 2020
Posted on June 17, 2020
EUROPEAN BOND RESEARCH
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June 17, 2020
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New Issues | New Issues [Continued] |
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1. Cellnex Telecom SAU (EUR) 2.875% 4/18/2025 (06/16/2020): 165MM Senior Unsecured Notes.
2. Danske Bank AS (USD) 1.226% 6/22/2024 144A (06/16/2020): 1250MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 1.23%. 3. Constellium SE (USD) 5.625% 6/15/2028 144A (06/16/2020): 325MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.63%. 4. Cellnex Telecom SAU (EUR) 1.875% 6/26/2029 (06/16/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.077, Yielding 1.988%. 5. Capgemini SA (EUR) 1.125% 6/23/2030 (06/16/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.521, Yielding 1.176%. 6. BNP Paribas (USD) 0% 7/1/2050 (06/17/2020): 50MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 0%. 7. Sparebank 1 Sr BK (NOK) FLT% 6/23/2025 (06/17/2020): 500MM Senior Unsecured Notes. |
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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 –0.206%, as of 06/16/2020.
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