MARKETS ONCE AGAIN SHRUG OFF CORONAVIRUS, RACIAL STRIFE AND ECONOMIC DISTRESS TO ASSERT THAT A “V” SHAPE RECOVERY IS GOING TO TO HAPPEN. REOPENING THE ECONOMY IS THE CENTRAL FOCUS OF INVESTORS. FTSE 100 +2.61%, German DAX +3.88%, CAC 40 +3.66%, STOXX Europe 600 +2.45%. The 10-year Gilt was up 4.7 bps.
European Bond Research – June 3, 2020Posted on June 3, 2020
EUROPEAN BOND RESEARCH
June 3, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Raiffeisen Bank Intl. AG (EUR) 0.5% 6/10/2022 (06/02/2020): 50MM Senior Preferred Security, Price at Issuance 100, Yielding .5%.
2. OP Corporate Bank (EUR) VAR% 6/9/2030 (06/02/2020): 1000MM Subordinated Notes.
3. Nykredit Realkredit AS (EUR) 0.5% 7/10/2025 (06/02/2020): 750MM Senior Preferred Security.
4. Deutsche Bank AG (EUR) VAR% 6/10/2026 (06/02/2020): 500MM Senior Preferred Security.
5. Prs Finance Plc (GBP) 2% 1/23/2029 (06/02/2020): 42MM Secured Notes.
6. Nordea Bank AB (USD) 1% 6/9/2023 Reg S (06/02/2020): 1000MM Senior Preferred Security, Price at Issuance 99.897, Yielding 1.03%.
7. Credit Suisse Group AG (USD) 2.193% 6/5/2026 Reg S (06/02/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.19%.
8. Telia Co. AB (SEK) 1.125% 6/10/2025 (06/03/2020): 750MM Senior Unsecured Notes.
9. Banque Fed du Credit Mutuel (EUR) 0.125% 2/5/2024 (06/03/2020): 50MM Senior Preferred Security.
10. Danone (EUR) 0.395% 6/10/2029 (06/03/2020): 800MM 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 –0.182%, as of 06/03/2020.
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