THE DISCONNECT BETWEEN WALL STREET AND MAINSTREET CONTINUES AS UNEMPLOYMENT CLIMBED OVER 14% WHILE MARKETS MARCHED HIGHER. FTSE 100 +1.4%, German DAX +1.41%, CAC 40 +1.07%, STOXX Europe 600 +0.88%. The 10-year Gilt was down 0.3 bps.
European Bond Research – May 8, 2020Posted on May 8, 2020
EUROPEAN BOND RESEARCH
May 8, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Thales SA (EUR) 1% 5/15/2028 (05/07/2020): 700MM Senior Unsecured Notes, Price at Issuance 99.595, Yielding 1.053%.
2. Peugeot SA (EUR) 2.75% 5/15/2026 (05/07/2020): 1000MM 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 –0.114%, as of 05/07/2020.
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