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, 2020
Posted on May 28, 2020
EUROPEAN BOND RESEARCH
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May 28, 2020
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New Issues | New Issues [Continued] |
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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%. |
DATA CHECK:
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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.
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