POLLS FOR THE UPCOMING DECEMBER UK ELECTION SUGGEST THAT BORIS JOHNSON COULD PICK UP A NUMBER OF SEATS SOLIDIFYING HIS LEADERSHIP AND HIS BREXIT PLANS. FTSE 100 -0.94%, German DAX -0.07%, CAC 40 -0.13%, STOXX Europe 600 -0.44%. The 10-year Gilt up 2.3 basis points.
European Bond Research – November 29, 2019Posted on November 29, 2019
EUROPEAN BOND RESEARCH
November 29, 2019
Credit-Default Swap Market
|New Issues||New Issues [Continued]|
|1. Wepa Hygieneprodukte GMB (EUR) FLT% 11/15/2026 Reg S (11/28/2019): 200MM Secured Notes, Price at Issuance 100.
2. Wepa Hygieneprodukte GMB (EUR) 2.875% 12/15/2027 Reg S (11/28/2019): 350MM Secured Notes, Price at Issuance 100, Yielding 2.88%.
3. HSBC France (EUR) 0.8% 12/13/2034 (11/29/2019): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding .8%.
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 –0.347%, as of 11/28/2019
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