GERMAN MORALE IMPROVED DRAMATICALLY TO PUSH MARKETS HIGHER WORLDWIDE. THIS GLIMPSE OF OPTIMISM GAVE A NEEDED SHOT OF CONFIDENCE THAT INVESTORS ARE LOOKING FOR. FTSE 100 +1.24%, German DAX +1.00%, CAC 40 +1.46%, STOXX Europe 600 +1.05%. The 10-year Gilt was up 1.8 bps.
European Bond Research – May 26, 2020Posted on May 26, 2020
EUROPEAN BOND RESEARCH
May 26, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. UniCredit Banca Mo (EUR) FLT% 7/31/2023 (05/26/2020): 1700MM Unsecured Notes, Price at Issuance 100.
2. Aquafin NV (EUR) 0.875% 6/10/2030 (05/26/2020): 125MM Senior Unsecured Notes.
3. Banque Fed du Credit Mutuel (EUR) 1.25% 6/3/2030 (05/26/2020): 1000MM Senior Non Preferred Notes.
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 –0.145%, as of 05/25/2020.
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