MARKETS WAY DOWN AS FED CHIEF STATES FUTURE “HIGHLY UNCERTAIN” AND THAT THERE COULD BE “LASTING DAMAGE”. FTSE 100 -1.51%, German DAX -2.56%, CAC 40 -2.85%, STOXX Europe 600 -1.94%. The 10-year Gilt was down 4.1 bps.

European Bond Research – May 13, 2020
Posted on May 13, 2020
EUROPEAN BOND RESEARCH
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May 13, 2020
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1. Reckitt Benckiser Tsy Srv PLC (EUR) 0.375% 5/19/2026 Reg S (05/12/2020): 850MM Senior Unsecured Notes.
2. Linde Finance BV (EUR) 0.25% 5/19/2027 (05/12/2020): 750MM Senior Unsecured Notes. 3. Morgan Stanley & Co. Intl. PLC (AUD) 0% 5/27/2050 (05/12/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%. 4. Morgan Stanley Finance LLC (USD) 0% 5/19/2055 (05/12/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%. 5. Nordea Bank AB (SEK) 0.933% 5/19/2023 (05/12/2020): 1000MM Senior Preferred Security, Price at Issuance 100. 6. Harley-Davidson Financial Services Inc. (EUR) 3.875% 5/19/2023 (05/12/2020): 650MM Senior Unsecured Notes, Price at Issuance 99.961, Yielding 3.889%. 7. Legrand SA (EUR) 0.75% 5/20/2030 (05/12/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.598, Yielding .792%. 8. WPP Finance Corp. (EUR) 2.375% 5/19/2027 (05/12/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.752, Yielding 2.414%. 9. WPP Finance Corp. (GBP) 3.75% 5/19/2032 (05/12/2020): 250MM Senior Unsecured Notes, Price at Issuance 99.618, Yielding 3.79%. 10. Naturgy Energy Group SA (EUR) 0.75% 11/28/2029 (05/12/2020): 150MM Senior Unsecured Notes. |
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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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