CHINA’S CHIEF NEGOTIATOR VOICED CAUTIOUS OPTIMISM THAT A DEAL COULD GET DONE. Markets were up slightly today. Talks will likely extend into 2020 as both sides hammer out the hardest issues. Fresh M&A activity also pushed stocks up as well. FTSE 100 +0.93%, German DAX -0.08%, CAC 40 +0.08%, STOXX Europe 600 +0.10%. The 10-year Gilt down 4.4 basis points.
European Bond Research – November 26, 2019Posted on November 26, 2019
EUROPEAN BOND RESEARCH
November 26, 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%.
2. Tesco Corporate Treasury Services PLC (EUR) 0.875% 5/29/2026 (11/25/2019): 750MM Senior Unsecured Notes.
3. Muenchener Hypothekenbank (CHF) 3.125% PERP (11/25/2019): 125MM Junior Subordinated Notes, Price at Issuance 100, Yielding 3.13%.
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 –0.338%, as of 11/25/2019
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