MARKETS WERE UP AS WHITE HOUSE TRADE ADVISOR PETER NAVARRO STATE THAT THE CHINESE DEAL IS ON AND WAS NEVER OFF. US/CHINESE TENSIONS SEEMED TO CALM MARKETS DOWN. FTSE 100 +1.21%, German DAX +2.13%, CAC 40 +1.39, STOXX Europe 600 +1.33%. The 10-year Gilt was up 1.8 bps.
European Bond Research – June 23, 2020Posted on June 23, 2020
EUROPEAN BOND RESEARCH
June 23, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. TechnipFMC PLC (EUR) 4.5% 6/30/2025 (06/22/2020): 120MM Senior Unsecured Notes.
2. Ascent Finance LTD (USD) VAR% 7/7/2021 (06/22/2020): 50MM Secured Notes, Price at Issuance 100.
3. Euronext NV (EUR) 1.125% 6/12/2029 (06/22/2020): 250MM Senior Preferred Security, Price at Issuance 102.474, Yielding .837%.
4. SES SA (EUR) 2% 7/2/2028 (06/22/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.445, Yielding 2.076%.
5. KommuneKredit (EUR) 0.875% 11/3/2036 (06/22/2020): 100MM Senior Unsecured Notes.
6. Worldline SA (EUR) 0.875% 6/30/2027 (06/23/2020): 500MM Senior Unsecured Notes.
7. Fastighets AB Balder (SEK) 1.363% 7/1/2022 (06/23/2020): 500MM Senior Unsecured Notes.
8. Starts (Ire) Public LTD Co. (USD) 2.1% 7/14/2021 (06/23/2020): 311MM Secured Notes.
9. Symrise (EUR) 1.375% 7/1/2027 (06/23/2020): 500MM Senior Unsecured Notes.
10. Worldline SA (EUR) 0.5% 6/30/2023 (06/23/2020): 500MM 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 –0.259%, as of 06/23/2020.
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