European Bond Research – Mach 27, 2019Posted on March 27, 2019
|Country||Maturity (Y)||Yield (%)||Previous (%)||Spread (bp)|
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Erste Group Bank AG (EUR) 0.5% 3/26/2026 (03/25/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding .5%.
2. Banque Cantonale de Geneve (CHF) 0.125% 4/23/2026 (03/25/2019): 120MM Senior Unsecured Notes, Price at Issuance 100.419, Yielding .07%.
3. Volkswagen Financial Services AG (EUR) 0.625% 4/1/2022 (03/25/2019): 1100MM Senior Unsecured Notes, Price at Issuance 99.678, Yielding .73%.
|iShares Core EUR UCITS||iShares Euro High Yield UCITS|
|NAV as of 03/27/2019, 131.06||NAV as of 03/27/2019, 102.99|
|Daily NAV Change (%) +0.24%||Daily NAV Change (%) +0.11%|
OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of positive momentum, although conditions are expected to deteriorate hindered by the termination of quantitative easing, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat’s unemployment rate: currently 7.8% (seasonally adjusted, January 2019)
- Eurostat’s quarterly GDP: 0.2% (2018 Q3 Final)
- 6-month Euribor: current value –0.228%, as of 03/26/2019
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