EUROPEAN MARKETS WERE HIGHER AS PROGRESS IS BEING MADE TO TAME THE VIRUS. US MARKETS FELL AS TREASURY SECRETARY MNUCHIN UNEXPECTEDLY DEMANDED UNUSED PPP MONEY BACK FROM THE FED. FTSE 100 +0.27%, German DAX +0.39%, CAC 40 +0.39%, STOXX Europe 600 +0.52%. The 10-year Gilt was DOWN 2.7 bps.
European Bond Research – November 20, 2020Posted on November 20, 2020
EUROPEAN BOND RESEARCH
November 20, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Finsbury Hill Dac (EUR) 0% 12/9/2024 (11/19/2020): 300MM Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. Erste Group Bank AG (EUR) 4.25% PERP (11/19/2020): 750MM Junior Subordinated Notes, Price at Issuance 100.
3. Renault SA (EUR) 2.375% 5/25/2026 (11/19/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.375%.
4. Societe Generale (EUR) 1% 11/24/2030 (11/19/2020): 1000MM Subordinated Notes, Price at Issuance 99.545, Yielding 1.094%.
5. Nestle Finance Intl. LTD (EUR) 0% 12/3/2025 (11/19/2020): 500MM Senior Unsecured Notes.
6. Nestle Finance Intl. LTD (EUR) 0.375% 12/3/2040 (11/19/2020): 500MM Senior Unsecured Notes.
7. Stonegate Pub Co. LTD (GBP) 8.25% 7/31/2025 (11/19/2020): 120MM Secured Notes, Price at Issuance 99, Yielding 8.5%.
8. Nestle Finance Intl. LTD (EUR) 0% 3/3/2033 (11/19/2020): 500MM Senior Unsecured Notes.
9. Teleperformance (EUR) 0.25% 11/26/2027 (11/20/2020): 500MM Senior Unsecured Notes.
10. UniCredit SpA (EUR) 0.725% 11/27/2030 (11/20/2020): 50MM Senior Preferred Security.
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 –0.512%, as of 11/19/2020.
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