MORE US STATES SHUTDOWN AS CLAMPDOWN IS GEARED TO SLOW DOWN AND MITIGATE THE CORONA VIRUS NATIONWIDE. FTSE 100 -3.76%, German DAX -2.1%, CAC 40 -3.32%, STOXX Europe 600 -4.3%. The 10-year Gilt was down 14.4 bps.

European Bond Research – March 23, 2020
Posted on March 23, 2020
EUROPEAN BOND RESEARCH
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March 20, 2020
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New Issues | New Issues [Continued] |
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1. Citigroup Inc. (USD) 0% 4/8/2060 (03/19/2020): 120MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. Goldman Sachs Group Inc. (USD) 0% 3/24/2050 (03/19/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%. 3. Goldman Sachs Group Inc. (USD) 0% 3/31/2050 (03/19/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%. 4. Morgan Stanley & Co. Intl. PLC (AUD) 0% 4/9/2050 (03/19/2020): 115MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%. 5. Citigroup Inc. (USD) 0% 3/26/2060 (03/19/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%. 6. Barclays Bank PLC (JPY) 2% 3/22/2022 (03/19/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2%. |
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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: currently 7.5% (seasonally adjusted, November 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q4)
- 6-month Euribor: current value –0.313%, as of 03/23/2020.
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