MARKETS TOOK OFF AS POWELL GAVE BROAD ASSURANCES THAT THE FED WILL DO ANYTHING TO SUPPORT THE ECONOMY. HE STATED THAT IF THE CORONAVIRUS DOES NOT HAVE A SECOND WAVE THAT THE ECONOMY WOULD MOST LIKELY START RECOVERING IN THE SECOND HALF OF 2020. FTSE 100 +4.29%, German DAX +5.67%, CAC 40 +5.16%, STOXX Europe 600 +4.05%. The 10-year Gilt was up 2.3 bps.

European Bond Research – May 18, 2020
Posted on May 18, 2020
EUROPEAN BOND RESEARCH
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May 18, 2020
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New Issues | New Issues [Continued] |
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1. Achmea BV (EUR) 1.5% 5/26/2027 (05/18/2020): 750MM Senior Unsecured Notes.
2. Eastern Power Networks Ltd (GBP) 1.875% 6/1/2035 (05/18/2020): 300MM Senior Unsecured Notes. 3. Bertelsmann SE & Co. KGaA (EUR) 1% 5/25/2027 (05/18/2020): 100MM Senior Unsecured Notes. 4. Volvo Treasury AB (EUR) 1.625% 5/26/2025 (05/18/2020): 500MM Senior Unsecured Notes. 5. Intesa Sanpaolo SPA (EUR) 2.125% 5/26/2025 (05/18/2020): 1250MM Senior Preferred Security. 6. Richemont International (EUR) 1.125% 5/26/2032 (05/18/2020): 850MM Senior Unsecured Notes. 7. Richemont International (EUR) 0.75% 5/26/2028 (05/18/2020): 500MM Senior Unsecured Notes. 8. Richemont International (EUR) 1.625% 5/26/2040 (05/18/2020): 650MM Senior Unsecured Notes.
(None Current 05/18/2020)
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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 –0.131%, as of 05/15/2020.
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