CHINA SHOWED A WILLINGNESS TO CRACKDOWN ON INTELLECTUAL PROPERTY RIGHTS VIOLATIONS. China issued new guidance on penalties in the event IP violations occur. The market took that development to mean that representatives are making headway in the trade war. FTSE 100 +0.95%, German DAX +0.63%, CAC 40 +0.54%, STOXX Europe 600 +1.02%. The 10-year Gilt down 0.8 basis points.
European Bond Research – November 25, 2019Posted on November 25, 2019
EUROPEAN BOND RESEARCH
November 25, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Raiffeisen Bank Intl. AG (EUR) 0.7% 12/6/2029 (11/25/2019): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding .7%.|
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 –0.335%, as of 11/22/2019
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