MARKETS MUCH LOWER AS CORONAVIRUS KEEPS CLIMBING AND GOVERNMENTS KEEP FIGURING OUT HOW TO SLOW THE VIRUS DOWN. FTSE 100 -4.05%, German DAX -5.56%, CAC 40 -5.94%, STOXX Europe 600 -3.92%. The 10-year Gilt was down 24.2 bps.
European Bond Research – March 18, 2020Posted on March 18, 2020
EUROPEAN BOND RESEARCH
March 18, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Citigroup Inc. (USD) 0% 3/30/2060 (03/16/2020): 80MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. Guanghui Investment Group (USD) 9.5% 9/23/2021 (03/17/2020): 58MM Senior Unsecured Notes.
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 –0.373%, as of 03/17/2020.
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