MARKETS UP AFTER A MOSTLY DOWN DAY DUE TO THE FEELING THAT SOME THE PANDEMIC MAY BE TOPPING OUT AND SLOWING DOWN IN TERMS OF NEW CASES. FTSE 100 +0.97%, German DAX +1.9%, CAC 40 +1.97%, STOXX Europe 600 +1.28%. The 10-year Gilt was down 3.4 bps.
European Bond Research – March 30, 2020Posted on March 30, 2020
EUROPEAN BOND RESEARCH
March 30, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Barclays Bank PLC (USD) 3% 3/31/2021 (03/30/2020): 525MM Unsecured Notes, Price at Issuance 100, Yielding 3%.
2. Electrolux AB (SEK) FLT% 4/6/2023 (03/30/2020): 1700MM 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: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value –0.281%, as of 03/27/2020.
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