MARKET INDEX FOCUSED ON TECHNOLOGY TOOK A BREATHER, WHILE INDEX FOCUSED ON OVERALL ECONOMY WERE NOTICIBLY HIGHER AGAIN. TENSIONS WITH CHINA AND RUSSIA LOOSENING OIL OUTPUT PUT DOWNWARD PRESSURE ON THE MARKETS. FTSE 100 +1.26%, German DAX +1.33%, CAC 40 +1.79%, STOXX Europe 600 +0.17%. The 10-year Gilt was down 2 bps.
European Bond Research – May 27, 2020Posted on May 27, 2020
EUROPEAN BOND RESEARCH
May 27, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. UniCredit Banca Mo (EUR) FLT% 7/31/2023 (05/26/2020): 1700MM Unsecured Notes, Price at Issuance 100.
2. Aquafin NV (EUR) 0.875% 6/10/2030 (05/26/2020): 125MM Senior Unsecured Notes.
3. Banque Fed du Credit Mutuel (EUR) 1.25% 6/3/2030 (05/26/2020): 1000MM Senior Non Preferred Notes.
4. Ardagh Packaging Finance PLC (USD) 5.25% 8/15/2027 Reg S (05/26/2020): 1000MM Senior Unsecured Notes, Price at Issuance 96.25, Yielding 5.89%.
5. Swedbank AB (USD) 1.3% 6/2/2023 Reg S (05/26/2020): 1000MM Senior Preferred Security, Price at Issuance 99.883, Yielding 1.34%.
6. Swedbank AB (USD) 1.3% 6/2/2023 144A (05/26/2020): 1000MM Senior Preferred Security, Price at Issuance 99.883, Yielding 1.34%.
7. Total Capital SA (USD) 3.127% 5/29/2050 (05/26/2020): 2500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.13%.
8. Severn Trent Water Utilities Finance PLC (GBP) 2% 6/2/2040 (05/26/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.098, Yielding 2.055%.
9. Banco Santander SA (EUR) 1.74% 6/3/2030 (05/27/2020): 100MM Senior Non Preferred Notes.
10. Societe Fonciere Lyonnaise SA (EUR) 1.5% 6/5/2027 (05/27/2020): 500MM Senior Unsecured 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 –0.133%, as of 05/26/2020.
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