EUROPEAN HAD ANOTHER DOWN DAY AS ITALY IS IN A TOTAL LOCKDOWN. THE CORONAVIRUS IS EXPANDING RAPIDLY THROUGHOUT EUROPE AND SWAMPING HOSPITALS. FTSE 100 -0.79%, German DAX -0.17%, CAC 40 -0.29%, STOXX Europe 600 -0.63%. The 10-year Gilt was up 3.6 bps.
European Bond Research – March 11, 2020Posted on March 11, 2020
EUROPEAN BOND RESEARCH
March 10, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Sidecu SL (EUR) 5% 3/18/2025 (03/09/2020): 70MM Secured Notes, Price at Issuance 100.
2. Starbucks Corp. (USD) 2% 3/12/2027 (03/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.591, Yielding 2.06%.
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: currently 7.5% (seasonally adjusted, November 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q4)
- 6-month Euribor: current value –0.438%, as of 03/11/2020.
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