MARKETS, DURING CORONAVIRUS AND RACE RIOTS, FEEL THERE WILL BE A “V” SHAPE RECOVERY IN THE ECONOMY. OIL IS SIMILARLY SOARING UP TO $36.75 A BARREL. FTSE 100 +0.87%, German DAX +3.75%, CAC 40 +2.02%, STOXX Europe 600 +1.57%. The 10-year Gilt was up 4.7 bps.
European Bond Research – June 2, 2020Posted on June 2, 2020
EUROPEAN BOND RESEARCH
June 2, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Axalta Coating Systems Dutch Holding B BV (USD) 4.75% 6/15/2027 Reg S (06/01/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%.
2. Virgin Media Finance PLC (USD) 5% 7/15/2030 144A (06/01/2020): 675MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5%.
3. Virgin Media Finance PLC (USD) 5% 7/15/2030 Reg S (06/01/2020): 675MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5%.
4. Raiffeisen Bank Intl. AG (EUR) 0.5% 6/10/2022 (06/02/2020): 50MM Senior Preferred Security, Price at Issuance 100, Yielding .5%.
5. OP Corporate Bank (EUR) VAR% 6/9/2030 (06/02/2020): 1000MM Subordinated Notes.
6. Nykredit Realkredit AS (EUR) 0.5% 7/10/2025 (06/02/2020): 750MM Senior Preferred Security.
7. Deutsche Bank AG (EUR) VAR% 6/10/2026 (06/02/2020): 500MM Senior Preferred Security.
8. Prs Finance Plc (GBP) 2% 1/23/2029 (06/02/2020): 42MM Secured 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 –0.163%, as of 06/02/2020.
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