EUROPE’S SOVEREIGN YIELD CURVES WERE ALL DOWN STALLING A SLOW STEEPENING OF MOST SOVEREIGN YIELD CURVES. The UK bucked the trend and did continue to steepen. FTSE 100 +0.36%, German DAX +0.38%, CAC 40 -0.07%, STOXX Europe 600 +0.32%. The 10-year Gilt up 2.5 basis points.
European Bond Research – November 27, 2019Posted on November 27, 2019
EUROPEAN BOND RESEARCH
November 27, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Erste Group Bank AG (EUR) 0.4% 11/20/2029 (11/26/2019): 50MM Senior Preferred Security, Price at Issuance 100, Yielding .4%.
2. Tamburi Investment Partners SpA (EUR) 2.5% 12/5/2024 (11/26/2019): 300MM Senior Unsecured Notes, Price at Issuance 99.421.
3. Banco Santander SA (EUR) 0.125% 6/4/2030 (11/27/2019): 1750MM Secured Notes, Price at Issuance 99.325.
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 11/26/2019
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