MARKETS LOWER AS ANOTHER 2.4 MILLION AMERICANS FILE FOR UNEMPLOYMENT. TENSIONS WITH CHINA ALSO PUT DOWNWARD PRESSURE ON THE MARKETS. MORE EARNINGS REPORTS SHOW THE WIDESPREAD ECONOMIC IMPACT OF COVID-19. FTSE 100 -0.86%, German DAX -1.41%, CAC 40 -1.15%, STOXX Europe 600 -0.73%. The 10-year Gilt was down 5.6 bps.
European Bond Research – May 21, 2020Posted on May 21, 2020
EUROPEAN BOND RESEARCH
May 21, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. ABN AMRO Bank NV (EUR) 1.25% 5/28/2025 (05/20/2020): 1250MM Senior Non Preferred Notes, Price at Issuance 99.86, Yielding 1.279%.
2. Ferrari NV (EUR) 1.5% 5/27/2025 (05/20/2020): 650MM Senior Unsecured Notes, Price at Issuance 98.898, Yielding 1.732%.
3. Southern Water Services LTD (GBP) 2.375% 5/28/2028 (05/20/2020): 375MM Secured Notes.
4. BPCE SA (EUR) FLT% 5/27/2022 (05/20/2020): 350MM Senior Unsecured Notes.
5. Standard Chartered PLC (JPY) 1% 5/26/2023 (05/20/2020): 5500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1%.
6. Erste Group Bank AG (EUR) 0.86% 5/26/2031 (05/20/2020): 50MM Senior Preferred Security, Price at Issuance 100, Yielding .86%.
7. Erste Group Bank AG (CZK) 0.86% 5/22/2027 (05/20/2020): 100MM Senior Preferred Security, Price at Issuance 100, Yielding .86%.
8. BNP Paribas (JPY) VAR% 5/28/2026 (05/21/2020): 50000MM Senior Non Preferred Notes, Price at Issuance 100.
9. Thomaslloyd Cleantech Infrastructure AG (CZK) 6.525% 12/31/2030 (05/21/2020): 2000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.53%.
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 –0.139%, as of 05/21/2020.
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