EVEN THOUGH CORNAVIRUS CASES AND DEATHS ARE STILL RISING, FISCAL RELIEF IS STARTING TO FLOW INTO EUROPEAN ECONOMIES. ITALY’S CASES SEEM TO HAVE TURNED A CORNER. FTSE 100 +6.43%, German DAX 8.54%, CAC 40 +6.33%, STOXX Europe 600 +6.55%. The 10-year Gilt was up 4.2 bps.
European Bond Research – March 24, 2020Posted on March 24, 2020
EUROPEAN BOND RESEARCH
March 24, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Operational RE III LTD. (USD) FLT% 1/10/2024 Reg S (03/23/2020): 145MM Unsecured Notes.
2. Morgan Stanley & Co. Intl. PLC (USD) 0% 4/8/2050 (03/23/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
3. Goldman Sachs Group Inc. (EUR) 3.81% 3/27/2035 (03/23/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.81%.
4. Operational RE III LTD. (USD) FLT% 1/10/2021 Reg S (03/23/2020): 80MM 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 –0.307%, as of 03/23/2020.
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