US MARKETS BOUNCED BACK AMID STRONG REBOUND IN US GDP NUMBERS WHILE EUROPE’S MARKETS WERE UNCHANGED AMID COVID SURGE. FTSE 100 -0.02%, German DAX +0.32%, CAC 40 -0.03%, STOXX Europe 600 -0.12%. The 10-year Gilt was up 0.5 bps.
European Bond Research – October 29, 2020Posted on October 29, 2020
EUROPEAN BOND RESEARCH
October 29, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Tele2 AB (SEK) FLT% 11/3/2027 (10/27/2020): 1000MM Senior Unsecured Notes.
2. UBS Group AG (EUR) VAR% 11/5/2028 (10/27/2020): 1500MM Senior Unsecured Notes.
3. Enagas SA (EUR) 0.375% 11/5/2032 (10/27/2020): 500MM Senior Unsecured Notes.
4. Erste Group Bank AG (EUR) 0.52% 11/2/2033 (10/27/2020): 50MM Senior Preferred Security, Price at Issuance 100, Yielding .52%.
5. Barclays PLC (GBP) VAR% 11/3/2026 (10/27/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.99.
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 –0.505%, as of 10/28/2020.
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