MARKETS GO DOWN AS US REPORTED STUBBORNLY HIGH FIRST TIME UNEMPLOYMENT CLAIMS OF 857K. THE RECOVERY IS LOOKING TO BE LONG AND SLOW. ON THE VACCINE FRONT THE OXFORD TRIAL HAD TO BE PUT ON HOLD DUE TO TOXIC REACTION TO THE VACCINE. THE BUXX DOLLAR INDEX ROSE TO 88.49. FTSE 100 -0.16%, German DAX -0.21%, CAC 40 -0.38%, STOXX Europe 600 -0.59%. The 10-year Gilt was up 4.8 bps.
European Bond Research – September 10, 2020Posted on September 10, 2020
EUROPEAN BOND RESEARCH
September 10, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. YI Bright Intl. Limited (USD) 3% 9/16/2023 (09/09/2020): 300MM Senior Unsecured Notes.
2. Erste Group Bank AG (EUR) 0.05% 9/16/2025 (09/09/2020): 500MM Senior Preferred Security, Price at Issuance 99.743, Yielding .11%.
3. Sumitomo Mitsui Trust Bank LTD (USD) 0.8% 9/12/2023 144A (09/09/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.956, Yielding .81%.
4. Ceskoslovenska (CZK) FLT% 9/11/2025 (09/09/2020): 5216MM Unsecured Notes, Price at Issuance 100.
5. Johnson Controls International PLC (EUR) 1% 9/15/2032 (09/09/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.618, Yielding 1.03%.
6. Bawag Group AG (EUR) VAR% 9/23/2030 (09/09/2020): 200MM Subordinated Notes, Price at Issuance 99.729.
7. Swedbank AB (SEK) FLT% 9/16/2025 (09/10/2020): 500MM Senior Unsecured Notes.
8. Terega Sasu (EUR) 0.875% 9/17/2030 (09/10/2020): 500MM 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 –0.463%, as of 09/08/2020.
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