ONCE AGAIN EUROPE’S MARKETS ARE DOWN WHILE US MARKETS ARE UP AS THE US DOLLAR CONTINUES TO WEAKEN AGAINST THE EURO. FTSE 100 -1.7%, German DAX +0.22%, CAC 40 -0.18%, STOXX Europe 600 -0.35%. The 10-year Gilt was unchanged.
European Bond Research – September 1, 2020Posted on September 1, 2020
EUROPEAN BOND RESEARCH
September 1, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Landshypotek Bank AB (SEK) FLT% 9/8/2022 (09/01/2020): 600MM Senior Unsecured Notes.
2. Adidas AG (EUR) 0% 9/9/2024 (09/01/2020): 500MM Senior Unsecured Notes.
3. Adidas AG (EUR) 0.625% 9/10/2035 (09/01/2020): 500MM Senior Unsecured Notes.
4. Mediobanca Banca di Credito Finanziario SpA (EUR) 1% 9/8/2027 (09/01/2020): 500MM Senior Preferred Security.
5. Barclays Bank PLC (EUR) 0% 9/9/2022 (09/01/2020): 216.4MM Secured Notes.
6. BMW Intl. Investment BV (GBP) 0.75% 3/8/2024 (09/01/2020): 350MM Senior Unsecured Notes.
7. Erste Group Bank AG (EUR) VAR% 9/8/2031 (09/01/2020): 500MM Subordinated Notes.
8. Bawag Group AG (EUR) VAR% PERP (09/01/2020): 175MM Junior Subordinated 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 –0.448%, as of 08/31/2020.
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