MARKETS WERE MIXED TO LOWER AS CORONA VIRUS FLARES UP IN MULTIPLE HOT SPOTS. US MARKETS FINISHED HIGHER AS APPLE PARTS WAYS WITH INTEL. FTSE 100 -.76%, German DAX -.55%, CAC 40 -.62, STOXX Europe 600 -0.76%. The 10-year Gilt was down 3.7 bps.
European Bond Research – June 22, 2020Posted on June 22, 2020
EUROPEAN BOND RESEARCH
June 22, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Euronext NV (EUR) 1.125% 6/12/2029 (06/22/2020): 250MM Senior Preferred Security.
2. SES SA (EUR) 2% 7/2/2028 (06/22/2020): 400MM Senior Unsecured Notes.
3. KommuneKredit (EUR) 0.875% 11/3/2036 (06/22/2020): 100MM 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 –0.234%, as of 06/22/2020.
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