MARKETS TANKING AS COVID-19 VIRUS SURGING IN 27 STATES AND MULTIPLE COUNTRIES. THE IMF FORECASTED A HIGHER CONTRACTION OF GLOBAL GDP FROM 3% TO 4.9%. FTSE 100 -3.11%, German DAX -3.43%, CAC 40 -2.92, STOXX Europe 600 -2.78%. The 10-year Gilt was down 2.5 bps.
European Bond Research – June 24, 2020Posted on June 24, 2020
EUROPEAN BOND RESEARCH
June 24, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Worldline SA (EUR) 0.875% 6/30/2027 (06/23/2020): 500MM Senior Unsecured Notes.
2. Fastighets AB Balder (SEK) 1.363% 7/1/2022 (06/23/2020): 500MM Senior Unsecured Notes.
3. Starts (Ire) Public LTD Co. (USD) 2.1% 7/14/2021 (06/23/2020): 311MM Secured Notes.
4. Symrise (EUR) 1.375% 7/1/2027 (06/23/2020): 500MM Senior Unsecured Notes.
5. Worldline SA (EUR) 0.5% 6/30/2023 (06/23/2020): 500MM Senior Unsecured Notes.
6. BAT Intl. Finance PLC (GBP) 2.25% 6/26/2028 (06/23/2020): 500MM Senior Unsecured Notes.
7. IREN SpA (EUR) 1% 7/1/2030 (06/23/2020): 500MM Senior Unsecured Notes, Price at Issuance 100.
8. CNP Assurances (EUR) VAR% 6/30/2051 (06/23/2020): 750MM Subordinated Notes.
9. UniCredit SpA (USD) 5.459% 6/30/2035 Reg S (06/23/2020): 1500MM Subordinated Notes, Price at Issuance 100, Yielding 5.46%.
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 –0.269%, as of 06/24/2020.
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