GLOBAL MARKETS WERE NICELY UP AS OPTIMISM THAT THE VACCINES, SHUTDOWNS, AND MASK WEARING WILL SLOWLY BRING THE GLOBAL ECONOMY BACK TO LIFE AND OUT OF THE PANDEMIC! FTSE 100 +1.55%, German DAX +1.26%, CAC 40 +1.21%, STOXX Europe 600 +0.91%. The 10-year Gilt was UP 1.8 bps.
European Bond Research – November 24, 2020Posted on November 24, 2020
EUROPEAN BOND RESEARCH
November 24, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Carmila (EUR) 1.625% 5/30/2027 (11/23/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.57, Yielding 1.696%.
2. Orpea (EUR) 2.564% 11/30/2027 (11/23/2020): 77MM Senior Unsecured Notes.
3. United Group BV (EUR) 4% 11/15/2027 Reg S (11/23/2020): 400MM Secured Notes.
4. BNP Paribas (EUR) 0% 2/28/2023 (11/23/2020): 175MM Senior Preferred Security.
5. BNP Paribas (EUR) 0% 5/30/2023 (11/23/2020): 200MM Senior Preferred Security.
6. BNP Paribas (EUR) 0% 11/30/2023 (11/23/2020): 200MM Senior Preferred Security.
7. BNP Paribas (EUR) 0% 8/30/2023 (11/23/2020): 200MM Senior Preferred Security.
8. Komatsu Europe Coordination Center NV (EUR) FLT% 12/7/2022 (11/24/2020): 45MM 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 –0.509%, as of 11/23/2020.
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