MARKETS STARTED WAY UP BUT GAVE UP GAINS AS CORONAVIRUS FEARS SAPPED UP THE MARKET BULLS CHARGE. MARKETS ENDED SLIGHTLY HIGHER FOR THE WEEK. FTSE 100 +1.1%, German DAX +0.4%, CAC 40 +0.42, STOXX Europe 600 +0.6%. The 10-year Gilt was up 0.8 bps.
European Bond Research – June 19, 2020Posted on June 19, 2020
EUROPEAN BOND RESEARCH
June 19, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Eustream A.S. (EUR) 1.625% 6/25/2027 (06/18/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.574, Yielding 1.69%.
2. Barclays Bank PLC (USD) 0% 7/2/2050 (06/18/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
3. Samhallsbyggnadsbolaget (NOK) FLT% 6/26/2025 (06/18/2020): 500MM Senior Unsecured Notes.
4. Synthomer PLC (EUR) 3.875% 7/1/2025 Reg S (06/18/2020): 520MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%.
5. Willow No. 2 Ireland PLC (USD) 1.85% 6/30/2021 (06/18/2020): 100MM Secured Notes, Price at Issuance 100, Yielding 1.85%.
6. Carmila (EUR) 3% 6/26/2029 (06/18/2020): 100MM Senior Unsecured Notes.
7. United Utilities Water (GBP) 2% 7/3/2033 (06/18/2020): 50MM Senior Unsecured Notes, Price at Issuance 106.088, Yielding 1.482%.
8. BUPA Finance PLC (GBP) 1.75% 6/14/2027 (06/18/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.694.
9. Banco Santander SA (EUR) 1.125% 6/23/2027 (06/18/2020): 1000MM Senior Non Preferred Notes, Price at Issuance 99.946, Yielding 1.133%.
10. European Investment Bank (EUR) 0.01% 11/15/2035 (06/18/2020): 1000MM 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 –0.228%, as of 06/18/2020.
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