ANOTHER 1.7 MILLION+ US WORKERS FILED FOR UNEMPLOYMENT SENDING MARKETS MIXED TO LOWER. THIS IS CAUSING INVESTORS TO QUESTION IF THERE IS GOING TO BE A “V” SHAPE RALLY OR IS THE MARKET DOING A BEAR MARKET RALLY? FTSE 100 -0.64%, German DAX -0.45%, CAC 40 -0.21%, STOXX Europe 600 -0.75%. The 10-year Gilt was up 3.3 bps.
European Bond Research – June 4, 2020Posted on June 4, 2020
EUROPEAN BOND RESEARCH
June 4, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Telia Co. AB (SEK) 1.125% 6/10/2025 (06/03/2020): 750MM Senior Unsecured Notes.
2. Banque Fed du Credit Mutuel (EUR) 0.125% 2/5/2024 (06/03/2020): 50MM Senior Preferred Security.
3. Danone (EUR) 0.395% 6/10/2029 (06/03/2020): 800MM Senior Unsecured Notes.
4. Intesa Sanpaolo SPA (GBP) 5.148% 6/10/2030 (06/03/2020): 350MM Subordinated Notes.
5. Citycon Treasury BV (EUR) 2.5% 10/1/2024 (06/03/2020): 200MM Senior Unsecured Notes.
6. Banca IMI SpA (USD) 1.5% 6/5/2026 (06/03/2020): 200MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.5%.
7. Banca IMI SpA (USD) 2% 6/5/2023 (06/03/2020): 200MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2%.
8. Swedish Export Credit (JPY) VAR% 6/16/2025 (06/03/2020): 8028MM Senior Unsecured Notes, Price at Issuance 100.
9. AerCap Ireland Capital LTD (USD) 6.5% 7/15/2025 (06/03/2020): 1250MM Senior Unsecured Notes, Price at Issuance 98.923, Yielding 6.75%.
10. Dolya Holdco 17 (GBP) 4.875% 7/15/2028 Reg S (06/03/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%.
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 –0.174%, as of 06/04/2020.
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