STOCKS IN EUROPE REACT TO SENATE PASSING $2 TRILLION DOLLAR CORONAVIRUS AID PACKAGE. CORONAVIRUS CASES AND DEATHS CONTINUE TO CLIMB IN EUROPE. FTSE 100 +4.45%, German DAX +1.3%, CAC 40 +4.45%, STOXX Europe 600 +6.55%. The 10-year Gilt was up 4.2 bps.
European Bond Research – March 25, 2020Posted on March 25, 2020
EUROPEAN BOND RESEARCH
March 25, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Nestle Finance Intl. LTD (EUR) 1.5% 4/1/2030 (03/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.092, Yielding 1.6%.
2. Nestle Finance Intl. LTD (EUR) 1.125% 4/1/2026 (03/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.419, Yielding 1.226%.
3. Coca-Cola European Partners PLC (EUR) 1.75% 3/27/2026 (03/24/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.084, Yielding 1.913%.
4. Diageo Finance PLC (EUR) 2.5% 3/27/2032 (03/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.601, Yielding 2.539%.
5. Diageo Finance PLC (EUR) 1.875% 3/27/2027 (03/24/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.527, Yielding 1.948%.
6. Diageo Finance PLC (GBP) 2.875% 3/27/2029 (03/24/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.498, Yielding 2.939%.
7. Goldman Sachs Group Inc. (USD) 0% 3/31/2035 (03/24/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
8. TMB Bank Public Company Limited (EUR) 0.25% 3/25/2021 (03/25/2020): 200MM 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 –0.338%, as of 03/24/2020.
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