GLOBAL MARKETS WERE SLIGHTLY HIGHER IN LIGHT TRADING AS OPTIMISM IS RETURNING CONCERNING THE VIRUS VS. THE VACCINE EVEN THOUGH CASES ARE SOARING IN THE SHORT RUN. FTSE 100 +0.07%, German DAX +0.37%, CAC 40 +0.56%, STOXX Europe 600 +0.41%. The 10-year Gilt was UP 0.5 bps.
European Bond Research – November 27, 2020Posted on November 27, 2020
EUROPEAN BOND RESEARCH
November 27, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. BNP Paribas (EUR) 0.625% 12/3/2032 (11/26/2020): 1500MM Senior Non Preferred Notes.
2. Close Brothers Group PLC (GBP) 1.625% 12/3/2030 (11/26/2020): 350MM Senior Unsecured Notes.
3. Santander Intl. Products PLC (EUR) 1.192% 12/7/2045 (11/26/2020): 55MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.19%.
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 –0.506%, as of 11/27/2020.
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