EUROPE CONTINUED WITH A DOWN DAY AS THE US REPORTED ALMOST 3 MILLION MORE FILING FOR UNEMPLOYMENT. FRANCE AND ITALY STILL STRUGGLE TO OPEN BUT GERMANY REOPENING SEEMS TO BE GOING MORE SMOOTHLY. FTSE 100 -0.02%, German DAX -1.95%, CAC 40 -1.65%, STOXX Europe 600 -2.15%. The 10-year Gilt was down .1 bps.
European Bond Research – May 14, 2020Posted on May 14, 2020
EUROPEAN BOND RESEARCH
May 14, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. PPF Telecom Group BV (EUR) 3.5% 5/20/2024 (05/13/2020): 500MM Secured Notes, Price at Issuance 99.634, Yielding 3.6%.
2. Amadeus It Group SA (EUR) 2.5% 5/20/2024 (05/13/2020): 500MM Senior Unsecured Notes.
3. Amadeus It Group SA (EUR) 2.875% 5/20/2027 (05/13/2020): 500MM Senior Unsecured Notes.
4. Deutsche Post AG (EUR) 1% 5/20/2032 (05/13/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.014%.
5. Deutsche Post AG (EUR) 0.75% 5/20/2029 (05/13/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding .764%.
6. Deutsche Post AG (EUR) 0.375% 5/20/2026 (05/13/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding .467%.
7. Erste Group Bank AG (EUR) 0% 6/15/2030 (05/13/2020): 300MM Subordinated Notes, Price at Issuance 100.
8. Societe National (USD) 0.625% 5/20/2023 (05/13/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.665, Yielding .737%.
9. Daimler AG (EUR) 2.375% 5/22/2030 (05/13/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.806, Yielding 2.397%.
10. Daimler AG (EUR) 1.625% 8/22/2023 (05/13/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.83, Yielding 1.68%.
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 –0.142%, as of 05/13/2020.
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