UK COMPANIES ENDURE SHARPEST DOWNTURN SINCE BREXIT VOTE. British PMI registered 48.6, being below 50, means the UK economy is actually starting to contract. The pound lost against the dollar. FTSE 100 +1.22%, German DAX +.2%, CAC 40 +.2%, STOXX Europe 600 +0.44%. The 10-year Gilt down 4.9 basis points.
European Bond Research – November 22, 2019Posted on November 22, 2019
EUROPEAN BOND RESEARCH
November 22, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Morgan Stanley Finance LLC (USD) 0% 11/20/2059 (11/21/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. Euro Secured Notes Issuer (EUR) 0% 11/21/2022 (11/21/2019): 100MM Secured Notes, Price at Issuance 100, Yielding 0%.
3. Jaguar Land Rover Automotive PLC (EUR) 5.875% 11/15/2024 Reg S (11/21/2019): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.88%.
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: currently 7.5% (seasonally adjusted, May 2019)
- Eurostat’s quarterly GDP: 0.4% (2019 Q1)
- 6-month Euribor: current value –0.34%, as of 11/21/2019
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