EUROPEAN BOND RESEARCH
June 26, 2020
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.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|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.
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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