MARKETS UP DUE TO SLOWING VIRUS CASES AND STRONG REBOUND IN CHINESE MANUFACTURING. ITALY FEELS THERE WILL BE NO NEW CASES BY MID-MAY. FTSE 100 +1.95%, German DAX +1.22%, CAC 40 +0.4%, STOXX Europe 600 +1.65%. The 10-year Gilt was up 2.7 bps.
European Bond Research – March 31, 2020Posted on March 31, 2020
EUROPEAN BOND RESEARCH
March 31, 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. Anglo American Capital PLC (USD) 5.375% 4/1/2025 Reg S (03/30/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.909, Yielding 5.4%.
3. Anglo American Capital PLC (USD) 5.625% 4/1/2030 Reg S (03/30/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.434, Yielding 5.7%.
4. Electrolux AB (SEK) FLT% 4/6/2023 (03/30/2020): 1700MM Senior Unsecured Notes.
5. Ypso Finance Bis SA (EUR) 8% 5/15/2027 (03/31/2020): 2600MM Secured 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 –0.28%, as of 03/30/2020.
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide