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.
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