CONSUMER SPENDING JUMPED 1.9% SENDING MARKETS HIGHER. RETAIL SALES JUMPS POINT TO REALLY GOOD THIRD QUARTER RESULTS AS THE ECONOMY REBOUNDS. FTSE 100 +1.49%, German DAX +1.62%, CAC 40 +2.03%, STOXX Europe 600 +1.26%. The 10-year Gilt was up 0.3 bps.
European Bond Research – October 16, 2020Posted on October 16, 2020
EUROPEAN BOND RESEARCH
October 16, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. BNP Paribas (JPY) VAR% 10/27/2023 (10/15/2020): 5880MM Senior Unsecured Notes, Price at Issuance 100.
2. Banco Santander SA (EUR) 1.625% 10/22/2030 (10/15/2020): 1000MM Subordinated Notes.
3. Peach Property Group AG (EUR) 4.375% 11/15/2025 Reg S (10/15/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.38%.
4. Canpack SA and Eastern PA Land Investment Holding LLC (EUR) 2.375% 11/1/2027 Reg S (10/15/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.38%.
5. Barclays Bank PLC (EUR) 0% 10/22/2021 (10/15/2020): 54MM Secured Notes, Price at Issuance 100, Yielding 0%.
6. Barclays Bank PLC (EUR) 0% 10/21/2021 (10/15/2020): 108MM Secured Notes, Price at Issuance 100, Yielding 0%.
7. CMA CGM SA (EUR) 7.5% 1/15/2026 Reg S (10/15/2020): 525MM Senior Unsecured Notes, Price at Issuance 97.848, Yielding 8.01%.
8. Tereos Finance Group I (EUR) 7.5% 10/30/2025 Reg S (10/16/2020): 300MM Senior Unsecured Notes, Price at Issuance 97.962, Yielding 8%.
9. Helix Holdco SA (EUR) 10% 4/19/2026 (10/16/2020): 120MM Senior Subordinated Notes.
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 –0.497%, as of 10/15/2020.
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