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.
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