GLOBAL MARKETS MIXED TO UP AS OPTIMISM OF SOME SORT OF STIMULUS DEAL IS APPROACHING NEAR. SOME VACCINE AND THERAPUTICS HAVE BEEN TERMINATED BUT THE ONES THAT REMAIN ARE PROGRESSING. FTSE 100 +0.08%, German DAX -0.92%, CAC 40 -0.27%, STOXX Europe 600 -0.35%. The 10-year Gilt was up 1.5 bps.
European Bond Research – October 20, 2020Posted on October 20, 2020
EUROPEAN BOND RESEARCH
October 20, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Blackstone Property Partners Europe (EUR) 1.25% 4/26/2027 (10/19/2020): 600MM Senior Unsecured Notes.
2. Bank of America Corp. (EUR) VAR% 10/26/2031 (10/19/2020): 1500MM Senior Unsecured Notes.
3. Codere Fin (Lux) SA (EUR) 10.75% 9/30/2023 (10/19/2020): 165MM Secured Notes, Price at Issuance 100, Yielding 10.75%.
4. Morgan Stanley Finance LLC (USD) 0% 10/30/2060 (10/19/2020): 110MM Senior Unsecured Notes, Price at Issuance 100.
5. Credit Agricole CIB SA (USD) 0% 10/29/2060 (10/20/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
6. CA Immobilien Anlagen AG (EUR) 1% 10/27/2025 (10/20/2020): 350MM Senior Unsecured 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 10/19/2020.
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