BUXX DOLLAR INDEX FELL 11 CENTS TO 88.37 AS THE DOLLAR WEAKENED AGAINST THE EURO. GLOBAL MARKETS WERE MIXED AS VOLATILE TECH FELL. FTSE 100 +0.48%, German DAX -0.05%, CAC 40 -0.20%, STOXX Europe 600 +0.13%. The 10-year Gilt was down 4.5 bps.
European Bond Research – September 11, 2020Posted on September 11, 2020
EUROPEAN BOND RESEARCH
September 11, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Vmed O2 Uk Financing I PLC (EUR) 3.25% 1/31/2031 Reg S (09/10/2020): 950MM Secured Notes.
2. Vmed O2 Uk Financing I PLC (GBP) 4% 1/31/2029 Reg S (09/10/2020): 600MM Secured Notes.
3. Encore Capital Group Inc. (EUR) 4.875% 10/15/2025 Reg S (09/10/2020): 350MM Secured Notes, Price at Issuance 98.889, Yielding 5.12%.
4. Swedbank AB (SEK) FLT% 9/16/2025 (09/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 100.
5. Terega Sasu (EUR) 0.875% 9/17/2030 (09/10/2020): 500MM Senior Unsecured Notes.
6. Icade Sante (EUR) 1.375% 9/17/2030 (09/10/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.926, Yielding 1.383%.
7. FCA Bank SpA Ireland (EUR) 0.5% 9/18/2023 (09/10/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.68, Yielding .608%.
8. ZF Finance GmbH (EUR) 3% 9/21/2025 (09/10/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.43, Yielding 3.125%.
9. Yorkshire Building Society (EUR) 0.625% 9/21/2025 (09/10/2020): 500MM Senior Preferred Security, Price at Issuance 99.55, Yielding .717%.
10. ZF Finance GmbH (EUR) 3.75% 9/21/2028 (09/10/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.154, Yielding 3.875%.
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 –0.458%, as of 09/09/2020.
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