STOCKS WERE LOWER AS GOVERNMENTS STRUGGLE TO CONTINUE TO PROP UP BUSINESS BADLY HIT BY THE CORONAVIRUS. THE US IS SEEKING TO RAISE UP TO $3 TRILLION THIS QUARTER TO HELP BUSINESSES AND INDIVIDUALS DEAL WITH THE FINANCIAL FALLOUT SURROUNDING THE COVID-19 PANDEMIC. FTSE 100 -0.16%, German DAX -3.64%, CAC 40 -4.24%, STOXX Europe 600 -2.58%. The 10-year Gilt was down 1.7 bps.
European Bond Research – May 4, 2020Posted on May 4, 2020
EUROPEAN BOND RESEARCH
May 4, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. GlaxoSmithKline Capital Inc. (GBP) 1.25% 10/22/2028 (05/04/2020): 750MM Senior Unsecured Notes.
2. GlaxoSmithKline Capital Inc. (EUR) 0.125% 5/12/2023 (05/04/2020): 750MM Senior Unsecured Notes.
3. GlaxoSmithKline Capital Inc. (GBP) 1.625% 5/12/2035 (05/04/2020): 750MM Senior Unsecured 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 –0.17%, as of 05/01/2020.
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