EUROPE’S MARKETS WERE NOTICIBLY HIGHER AS THE ECB PLEDGES 2 TRILLION EURO TO SUPPORT EUROPE’S MARKETS. OIL WAS LOWER AFTER YESTERDAY’S 5% DOWN ROUTE. FTSE 100 +1.21%, German DAX +1.14%, CAC 40 +1.8%, STOXX Europe 600 +1.72%. The 10-year Gilt was up 1.6 bps.
European Bond Research – May 28, 2020Posted on May 28, 2020
EUROPEAN BOND RESEARCH
May 28, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Banco Santander SA (EUR) 1.74% 6/3/2030 (05/27/2020): 100MM Senior Non Preferred Notes.
2. Societe Fonciere Lyonnaise SA (EUR) 1.5% 6/5/2027 (05/27/2020): 500MM Senior Unsecured Notes.
3. Danske Bank AS (NOK) FLT% 6/4/2026 (05/27/2020): 550MM Senior Non Preferred Notes, Price at Issuance 100.
4. Scania CV AB (EUR) 2.25% 6/3/2025 (05/27/2020): 500MM Senior Unsecured Notes.
5. Citigroup Global Markets (USD) 0% 6/10/2050 (05/27/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
6. Siemens Financieringsmaatschappij NV (EUR) 0.25% 6/5/2024 (05/27/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.813, Yielding .297%.
7. Siemens Financieringsmaatschappij NV (EUR) 0.125% 6/5/2022 (05/27/2020): 1500MM Senior Unsecured Notes.
8. BNP Paribas (AUD) 2.518% 6/5/2025 (05/27/2020): 250MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 2.52%.
9. Intesa Sanpaolo SPA (EUR) FLT% 6/29/2027 (05/27/2020): 750MM Senior Non Preferred Notes, Price at Issuance 100.
10. Intesa Sanpaolo SPA (EUR) 3.75% 6/29/2027 (05/27/2020): 750MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 3.75%.
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 –0.133%, as of 05/26/2020.
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.
In all events, Advantage Data is not a broker-dealer, shall not operate as a broker or a dealer, is not holding itself out as a broker or dealer and is not engaged in the business of buying or selling securities or otherwise required to register with the National Association of Securities Dealers.
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 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide