GLOBAL MARKETS REBOUNDED ON NEWS SPEAKER PELOSI WAS WILLING TO INK A DEAL. JOBLESS CLAIMS FELL THIS WEEK TO 787K ALMOST MATCHING MARCH’S LOW’S OF 767K JOBS LOST. FTSE 100 +0.16%, German DAX -0.12%, CAC 40 -0.05%, STOXX Europe 600 -0.14%. The 10-year Gilt was up 4.3 bps.
European Bond Research – October 22, 2020Posted on October 22, 2020
EUROPEAN BOND RESEARCH
October 22, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Shuaa Capital (USD) 7.5% 10/28/2023 (10/21/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.5%.
2. Drax Finco PLC (EUR) 2.625% 11/1/2025 (10/21/2020): 250MM Secured Notes.
3. Dooba Finance AB (SEK) 7.5% 10/27/2024 (10/21/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.5%.
4. Credit Mutuel Arkea (EUR) 0.01% 1/28/2026 (10/21/2020): 500MM Senior Preferred Security.
5. Investor AB (EUR) 0.375% 10/29/2035 (10/21/2020): 600MM Senior Unsecured Notes.
6. Bunzl PLC (GBP) 1.5% 10/30/2030 (10/21/2020): 400MM Senior Unsecured Notes.
7. Tatra Banka (EUR) 0.5% 10/26/2027 (10/21/2020): 50MM Senior Unsecured Notes.
8. Tatra Banka (EUR) FLT% 10/26/2027 (10/21/2020): 100MM Senior Unsecured Notes.
9. Morgan Stanley Finance LLC (USD) 0% 11/4/2058 (10/21/2020): 125MM Senior Unsecured Notes, Price at Issuance 100.
10. Morgan Stanley (EUR) VAR% 10/26/2029 (10/21/2020): 1750MM 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 –0.498%, as of 10/21/2020.
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