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.
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
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