GLOBAL MARKETS LOWER AGAIN AS COVID CONTINUES TO RAVAGE THE US AND EUROPE. THE LACK OF PROGRESS ON THE STIMULUS AND THE UNCERTAINTY OF THE US ELECTION IS ADDING TO MARKET VOLATILITY. FTSE 100 -1.09%, German DAX -0.93%, CAC 40 -1.77%, STOXX Europe 600 -0.95%. The 10-year Gilt was down 4.2 bps.
European Bond Research – October 27, 2020Posted on October 27, 2020
EUROPEAN BOND RESEARCH
October 27, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. OPAP SA – Greek Organisation of Football Prognostics (EUR) 2.1% 10/27/2027 (10/26/2020): 200MM Unsecured Notes, Price at Issuance 100, Yielding 2.1%.
2. Compagnie Generale Des Etablissements Michelin (EUR) 0.25% 11/2/2032 (10/26/2020): 500MM Senior Unsecured Notes.
3. Compagnie Generale Des Etablissements Michelin (EUR) 0% 11/2/2028 (10/26/2020): 500MM Senior Unsecured Notes.
4. Compagnie Generale Des Etablissements Michelin (EUR) 0.625% 11/2/2040 (10/26/2020): 500MM Senior Unsecured Notes.
5. Tele2 AB (SEK) FLT% 11/3/2027 (10/27/2020): 1000MM Senior Unsecured Notes.
6. Tele2 AB (SEK) 1.125% 11/3/2027 (10/27/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.479, Yielding 1.2%.
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 –0.496%, as of 10/26/2020.
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