MARKETS TOOK A BREATHER AFTER A HUGE JUMP YESTERDAY. MARKETS ARE IN “WAIT AND SEE” MODE AS THEY BALANCE FED REASSURANCE, POSITIVE VACCINE/TREATMENT NEWS, AND TERRIBLE ECONOMIC NEWS AND EARNINGS. THURSDAY’S EMPLOYMENT NEWS MAY BE KEY FOR SENTIMENT. FTSE 100 -0.77%, German DAX +0.15%, CAC 40 -0.89%, STOXX Europe 600 -0.61%. The 10-year Gilt was up 1 bps.
European Bond Research – May 19, 2020Posted on May 19, 2020
EUROPEAN BOND RESEARCH
May 19, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Achmea BV (EUR) 1.5% 5/26/2027 (05/18/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.297, Yielding 1.607%.
2. Eastern Power Networks Ltd (GBP) 1.875% 6/1/2035 (05/18/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.651, Yielding 1.902%.
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, Price at Issuance 99.691, Yielding 1.69%.
5. Intesa Sanpaolo SPA (EUR) 2.125% 5/26/2025 (05/18/2020): 1250MM Senior Preferred Security, Price at Issuance 99.803, Yielding 2.167%.
6. Richemont International (EUR) 1.125% 5/26/2032 (05/18/2020): 850MM Senior Unsecured Notes, Price at Issuance 99.732, Yielding 1.149%.
7. Richemont International (EUR) 0.75% 5/26/2028 (05/18/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.884, Yielding .765%.
8. Richemont International (EUR) 1.625% 5/26/2040 (05/18/2020): 650MM Senior Unsecured Notes, Price at Issuance 98.387, Yielding 1.721%.
9. LCPR Senior Secured Financing Designated Activity Company (USD) 6.75% 10/15/2027 144A (05/18/2020): 1215MM First Lien Notes, Price at Issuance 100, Yielding 6.75%.
10. LCPR Senior Secured Financing Designated Activity Company (USD) 6.75% 10/15/2027 (05/18/2020): 70MM First Lien Notes, Price at Issuance 100, Yielding 6.75%.
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 –0.137%, as of 05/19/2020.
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 without prior written permission from Advantage Data Inc.
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 6,200+ CDS reference entities
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 16 products and services from debt to CDS to loans to mid-market
- Used by top buy and sell-side firms worldwide