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European Bond Research – November 20, 2019

Posted on November 20, 2019

EUROPEAN BOND RESEARCH

November 20, 2019

Bond Markets


EUROPEAN SOVEREIGN BONDS WERE MIXED TO LOWER AGAIN. Stocks were lower as investors lock in gains. Bombardier secured a significant deal in Africa. FTSE 100 -0.84%, German DAX -.48%, CAC 40 -0.25%, STOXX Europe 600 -0.41%.  The 10-year Gilt lost .2 basis points.

AMBASSADOR SONDLUND ADMITTED HE PRESSURED UKRAINE TO INVESTIGATE THE BIDENS AT THE DIRECTION OF PRESIDENT TRUMP. Sondlund also stated that Guliani also stated to Ukraine that no aid would be forthcoming unless they conducted investigations into the 2016 election and the Bidens. (Advantage Data Inc.). Extensive corporate-bond index data showed a net daily grade increment for high-grade versus high-yield constituents. High-yield bonds edged out high-grade debt as of 3 PM, London time.  Among European high-yield bonds showing a concurrence of top price gains at appreciable volumes traded,  Bombardier Inc. (USD) 5.75% 3/15/2022 Reg S  made some analysts ‘Conviction buy’ lists. (See the chart for Bombardier Inc. bonds below). Pierre Robert

Credit-Default Swap Market


LATEST NEWS: Top moves, sovereign tighteners (5Y): Austria 9.905 and Finland 10.905 . Sovereign wideners (5Y):  Denmark  10.135 and Italy 133.19.

New Issuance


New Issues

New Issues [Continued]

1. Albemarle New Holding GmbH (EUR) 1.125% 11/25/2025 (11/18/2019): 500MM Senior Unsecured Notes.

2. Bank of Ireland (EUR) 1% 11/25/2025 (11/18/2019): 650MM Senior Unsecured Notes.

3. Societe Generale (USD) 0% 12/3/2059 (11/19/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.

ADI Indexes


DATA CHECK:

iShares Core EUR UCITS iShares Euro High Yield UCITS
NAV as of 11/20/2019, 133.93 NAV as of 11/20/2019, 103.5
Daily NAV Change (%) -0.01% Daily NAV Change (%)-0.16%

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 ratecurrently 7.5% (seasonally adjusted, May 2019)
  • Eurostat’s quarterly GDP: 0.4% (2019 Q1)
  • 6-month Euribor: current value –0.336%, as of 11/19/2019

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