MARKETS DOWN AGAIN AS BOEING PREDICTS AT LEAST ONE AIRLINE BANKRUPTCY. THE “IRRATIONAL EXUBERANCE” IN THE MARKET MAYBE FINALLY HITTING THE ECONOMIC REALITY OF MAINSTREET. FTSE 100 +0.93%, German DAX -0.05%, CAC 40 -0.39%, STOXX Europe 600 +0.28%. The 10-year Gilt was down 2.9 bps.
European Bond Research – May 12, 2020Posted on May 12, 2020
EUROPEAN BOND RESEARCH
May 12, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Credit Suisse (EUR) 0.45% 5/19/2025 (05/11/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.778, Yielding .495%.
2. Barclays Bank PLC (USD) FLT% 11/11/2020 (05/11/2020): 300MM Senior Unsecured Notes, Price at Issuance 100.
3. Bertelsmann SE & Co. KGaA (EUR) 1.5% 5/15/2030 (05/11/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.329, Yielding 1.573%.
4. Skandinaviska Enskilda Banken AB (EUR) 0.25% 5/19/2023 (05/11/2020): 1000MM Senior Preferred Security, Price at Issuance 99.702, Yielding .35%.
5. Total Capital SA (EUR) 1.618% 5/18/2040 (05/11/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.618%.
6. Evonik Industries AG (EUR) 0.625% 9/18/2025 (05/11/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.599, Yielding .702%.
7. Credit Suisse (EUR) FLT% 5/18/2022 (05/11/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100.
8. Eni SpA (EUR) 1.25% 5/18/2026 (05/11/2020): 1000MM Senior Unsecured Notes.
9. Eni SpA (EUR) 2% 5/18/2031 (05/11/2020): 1000MM Senior Unsecured Notes.
10. Wuerth Finance International BV (EUR) 0.75% 11/22/2027 (05/11/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.768, Yielding .782%.
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 –0.147%, as of 05/11/2020.
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