EUROPE LOWER AGAIN AS EXPORTS, INCOME, AND SPENDING CONTRACT BY 3.6% FOR THE FIRST QUARTER. GERMAN AND FRENCH EXPORTS CONTRACT BADLY. GLOBAL AIRLINES HEADED FOR $100 BILLION LOSS FOR 2020. FTSE 100 2.1%, German DAX -1.57%, CAC 40 -1.57%, STOXX Europe 600 -1.22%. The 10-year Gilt was up .1 bps.
European Bond Research – June 9, 2020Posted on June 9, 2020
EUROPEAN BOND RESEARCH
June 9, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. United Utilities Water (GBP) 2.625% 2/12/2031 (06/08/2020): 75MM Senior Unsecured Notes.
2. OMV AG (EUR) 0% 6/16/2023 (06/08/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.584, Yielding .139%.
3. OMV AG (EUR) 0.75% 6/16/2030 (06/08/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.493, Yielding .803%.
4. ACS Actividades de Construccion y Servicios SA (EUR) 1.375% 6/17/2025 (06/08/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.947, Yielding 1.386%.
5. ABN AMRO Bank NV (EUR) VAR% PERP (06/08/2020): 1000MM Junior Subordinated Notes, Price at Issuance 100.
6. Societe Generale (EUR) 1.25% 6/12/2030 (06/08/2020): 1000MM Senior Non Preferred Notes, Price at Issuance 99.478, Yielding 1.306%.
7. PPF Telecom Group BV (EUR) 3.5% 5/20/2024 (06/09/2020): 100MM Senior Unsecured Notes.
8. UniCredit SpA (EUR) VAR% 6/16/2026 (06/09/2020): 1250MM Senior Preferred Security.
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 –0.195%, as of 06/08/2020.
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