GLOBAL MARKETS HIGHER AS DEMOCRATS, THE WHITE HOUSE AND THE SENATE REPUBLICANS, WRESTLE AND COME CLOSER TO PRODUCING A STIMULUS PLAN. CORONA CIRUS IS SURGING GLOBALLY. FTSE 100 +1.29%, German DAX +0.82%, CAC 40 +1.20%, STOXX Europe 600 +0.62%. The 10-year Gilt was down 0.5 bps.

European Bond Research – October 23, 2020
Posted on October 23, 2020
EUROPEAN BOND RESEARCH
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October 23, 2020
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1. Raiffeisenlandesbank Burgenland Und Revisionsverband (EUR) FLT% 10/27/2025 (10/22/2020): 100MM Senior Unsecured Notes, Price at Issuance 101.5.
2. Raiffeisenlandesbank Burgenland Und Revisionsverband (EUR) FLT% 10/28/2027 (10/22/2020): 100MM Senior Unsecured Notes, Price at Issuance 101.4. 3. Getlink SE (EUR) 3.5% 10/30/2025 (10/22/2020): 700MM Secured Notes, Price at Issuance 100, Yielding 3.5%. 4. Ineos Finance PLC (EUR) 3.375% 3/31/2026 Reg S (10/22/2020): 325MM Secured Notes. 5. Jefferies Group Inc. (EUR) VAR% 10/29/2037 (10/22/2020): 50MM Senior Unsecured Notes, Price at Issuance 100. 6. Adevinta ASA (EUR) 2.625% 11/15/2025 Reg S (10/22/2020): 660MM Secured Notes, Price at Issuance 100, Yielding 2.63%. 7. Adevinta ASA (EUR) 3% 11/15/2027 Reg S (10/22/2020): 400MM Secured Notes, Price at Issuance 100, Yielding 3%. 8. Credit Agricole SA (EUR) 1.5% 10/27/2030 (10/23/2020): 161MM Subordinated Notes, Price at Issuance 100, Yielding 1.5%. 9. Toyota Motor Finance (Netherlands) BV (EUR) FLT% 4/29/2022 (10/23/2020): 75MM Senior Unsecured Notes. 10. Oberbank AG (EUR) 0.75% 10/29/2027 (10/23/2020): 65MM Senior Non Preferred Notes. |
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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 10/22/2020.
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