STOCKS ARE UP AS STATES AND COUNTRIES OPEN UP. OIL UP TO 24.5 A BARREL. AMEX AND SEVERAL OIL COMPANIES EXPECTED TO RELEASE EARNINGS TODAY. FTSE 100 +1.66%, German DAX +2.51%, CAC 40 +2.4%, STOXX Europe 600 +2.12%. The 10-year Gilt was down 2.5 bps.
European Bond Research – May 5, 2020Posted on May 5, 2020
EUROPEAN BOND RESEARCH
May 5, 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, Price at Issuance 99.049, Yielding 1.371%.
2. GlaxoSmithKline Capital Inc. (EUR) 0.125% 5/12/2023 (05/04/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.904, Yielding .157%.
3. GlaxoSmithKline Capital Inc. (GBP) 1.625% 5/12/2035 (05/04/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.475, Yielding 1.665%.
4. Kering (EUR) 0.75% 5/13/2028 (05/05/2020): 600MM Senior Unsecured Notes.
5. Klepierre SA (EUR) 2% 5/12/2029 (05/05/2020): 600MM 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 –0.157%, as of 05/04/2020.
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