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.
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