2.5 MILLION JOBS WERE UNEXPECTEDLY CREATED IN MAY CAUSING MARKETS TO LEAP! OIL LEAPS TO ALMOST $40 A BARREL. ECB PUMPING MORE MONEY INTO THE ECONOMY TO HELP SUPPORT BUSINESSES. FTSE 100 +2.25%, German DAX +3.36%, CAC 40 +3.71%, STOXX Europe 600 +2.45%. The 10-year Gilt was up 4.9 bps.

European Bond Research – June 5, 2020
Posted on June 5, 2020
EUROPEAN BOND RESEARCH
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June 5, 2020
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New Issues | New Issues [Continued] |
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1. Deutsche Bank AG (JPY) 1.1% 6/23/2023 (06/04/2020): 5700MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 1.1%.
2. Sato-OYJ (EUR) 2.45% 6/12/2030 (06/04/2020): 50MM Senior Unsecured Notes. 3. Swedbank AB (EUR) 0.25% 6/12/2023 (06/04/2020): 50MM Senior Unsecured Notes. 4. Ellevio AB (SEK) 1.728% 6/11/2027 (06/04/2020): 1000MM Senior Unsecured Notes. 5. Ellevio AB (SEK) FLT% 6/11/2027 (06/04/2020): 650MM Senior Unsecured Notes, Price at Issuance 100. 6. Stora Enso Oyj (SEK) FLT% 4/29/2025 (06/04/2020): 550MM Senior Unsecured Notes. 7. Sitex Properties AG (CHF) 0.375% 6/17/2025 (06/04/2020): 50MM Senior Unsecured Notes, Price at Issuance 100.099, Yielding .36%. 8. Credit Mutuel Arkea (EUR) VAR% 6/11/2029 (06/04/2020): 750MM Senior Non Preferred Notes. 9. Zurich Finance (Australia) Ltd (AUD) 4.5% 7/26/2038 (06/05/2020): 125MM Senior Unsecured Notes. 10. Lloyds Bank Corporate Markets PLC (JPY) 0.8% 6/16/2025 (06/05/2020): 8400MM Senior Unsecured Notes, Price at Issuance 100, Yielding .8%. |
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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 –0.179%, as of 06/05/2020.
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