EUROPEAN MARKETS WERE MIXED AND US MARKETS BOUNCED BACK AFTER YESTERDAY’S SELLOFF. PRESIDENT TRUMP REVERSED COURSE AND STATED HE WAS COMMITTED TO REACHING A STIMULUS DEAL. FTSE 100 -0.06%, German DAX +0.17%, CAC 40 -0.27%, STOXX Europe 600 -0.12%. The 10-year Gilt was up 1.5 bps.
European Bond Research – October 7, 2020Posted on October 7, 2020
EUROPEAN BOND RESEARCH
October 7, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Erste Group Bank AG (EUR) 0.06% 10/30/2026 (10/06/2020): 150MM Senior Preferred Security, Price at Issuance 100, Yielding .06%.
2. Heathrow Funding LTD (EUR) 1.5% 10/12/2025 (10/06/2020): 750MM Secured Notes, Price at Issuance 99.433, Yielding 1.619%.
3. Standard Chartered PLC (USD) VAR% 10/14/2023 Reg S (10/06/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100.
4. Inmobiliaria Colonial SA (EUR) 1.35% 10/14/2028 (10/07/2020): 500MM Senior Unsecured Notes.
5. Eutelsat (EUR) 1.5% 10/13/2028 (10/07/2020): 600MM Senior Unsecured Notes.
6. Arkema (EUR) 0.125% 10/14/2026 (10/07/2020): 300MM Senior Unsecured Notes.
7. BNP Paribas (EUR) VAR% 10/14/2027 (10/07/2020): 750MM Senior Non Preferred Notes.
8. H. Lundbeck A S (EUR) 0.875% 10/14/2027 (10/07/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.791, Yielding .91%.
9. Credit Agricole SA (EUR) VAR% PERP (10/07/2020): 750MM Junior Subordinated Notes.
10. Rentokil Initial PLC (EUR) 0.5% 10/14/2028 (10/07/2020): 600MM 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 –0.488%, as of 10/06/2020.
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