EUROPEAN MARKETS LOWER AS CORONA VIRUS SURGES IN EUROPE. PROGRESS AT SLOWING THE VIRUS AND THE VACCINATION NEWS HAS HELPED KEEP MARKETS FROM TUMBLING. FTSE 100 -0.80%, German DAX -0.88%, CAC 40 -0.67%, STOXX Europe 600 -0.75%. The 10-year Gilt was DOWN 1.3 bps.

European Bond Research – November 19, 2020
Posted on November 19, 2020
EUROPEAN BOND RESEARCH
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November 19, 2020
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New Issuance
New Issues | New Issues [Continued] |
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1. Boparan Finance PLC (GBP) 7.625% 11/30/2025 Reg S (11/18/2020): 475MM Secured Notes, Price at Issuance 100, Yielding 7.63%.
2. Hemso Fastighets AB (SEK) FLT% 11/25/2022 (11/18/2020): 500MM Senior Unsecured Notes. 3. Veon Hldg BV (USD) 3.375% 11/24/2027 Reg S (11/18/2020): 1250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.38%. 4. Societe Generale (EUR) VAR% 11/25/2031 (11/18/2020): 50MM Senior Non Preferred Notes, Price at Issuance 100. 5. BPER Banca SpA (EUR) VAR% 11/30/2030 (11/18/2020): 400MM Subordinated Notes, Price at Issuance 100. 6. Permanent TSB PLC (EUR) VAR% PERP (11/18/2020): 125MM Junior Subordinated Notes, Price at Issuance 100. 7. Hoist Finance AB (EUR) 3.375% 11/27/2024 (11/18/2020): 200MM Senior Preferred Security, Price at Issuance 100, Yielding 3.38%. 8. Vinci SA (EUR) 0% 11/27/2028 (11/18/2020): 500MM Senior Unsecured Notes. 9. Finsbury Hill Dac (EUR) 0% 12/9/2024 (11/19/2020): 300MM Unsecured Notes, Price at Issuance 100, Yielding 0%. 10. Erste Group Bank AG (EUR) 4.25% PERP (11/19/2020): 750MM Junior Subordinated Notes. |
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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 –0.513%, as of 11/18/2020.
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