EUROPEAN BOND RESEARCH
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June 26, 2020
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CONSUMER SENTIMENT FELL AS WELL AS FLORIDA AND TEXAS REVERSED TRACK AND CLOSED BARS AND RESTAURANTS. MARKETS TANKED DUE TO FALLING CONSUMER SENTIMENT AND SURGING CORONA VIRUS CLOSINGS. FTSE 100 +0.2%, German DAX -0.73%, CAC 40 -0.18, STOXX Europe 600 -0.29%. The 10-year Gilt was UP 1.8 bps.
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New Issues | New Issues [Continued] |
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1. Ardonagh Midco 2 PLC (USD) 11.5% 1/15/2027 Reg S (06/25/2020): 500MM Senior Unsecured Notes, Price at Issuance 99, Yielding 11.72%.
2. Ardonagh Midco 2 PLC (USD) 11.5% 1/15/2027 144A (06/25/2020): 500MM Senior Unsecured Notes, Price at Issuance 99, Yielding 11.72%. 3. HT Troplast Aktiengesellschaft (EUR) 9.25% 7/15/2025 Reg S (06/25/2020): 340MM Secured Notes, Price at Issuance 100, Yielding 9.25%. 4. Volvo Treasury AB (SEK) FLT% 12/13/2023 (06/25/2020): 550MM Senior Unsecured Notes, Price at Issuance 98.825. 5. Swedbank AB (JPY) 0.423% 7/4/2025 (06/26/2020): 10700MM Senior Preferred Security, Price at Issuance 100, Yielding .42%. 6. Starts (Ire) Public LTD Co. (USD) 3% 7/28/2021 (06/26/2020): 68MM Secured Notes, Price at Issuance 100, Yielding 3%. 7. Volvo Treasury AB (EUR) 0% 2/11/2023 (06/26/2020): 150MM Senior Unsecured Notes. 8. Volvo Treasury AB (NOK) FLT% 7/3/2024 (06/26/2020): 1100MM Senior Unsecured Notes. |
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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 –0.268%, as of 06/25/2020.
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