GLOBAL MARKETS ARE UP AS CHINA REPORTED BETTER ECONOMIC DATA OF 5.6% MANUFACTURING GROWTH, VERSUS 5.1 CONSENSUS AND CONSUMER SALES ROSE 0.5% FOR THE MONTH OF AUGUST. FTSE 100 +1.32%, German DAX +0.18%, CAC 40 +0.32%, STOXX Europe 600 +0.66%. The 10-year Gilt was up 2.3 bps.
European Bond Research – September 15, 2020Posted on September 15, 2020
EUROPEAN BOND RESEARCH
September 15, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Digital Dutch Finco BV (EUR) 1% 1/15/2032 (09/14/2020): 750MM Senior Unsecured Notes.
2. Coventry Building Society (GBP) 1% 9/21/2025 (09/14/2020): 250MM Senior Preferred Security.
3. Burberry Group PLC (GBP) 1.125% 9/21/2025 (09/14/2020): 300MM Senior Unsecured Notes.
4. Coca-Cola Co. (EUR) 0.125% 3/15/2029 (09/14/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.638, Yielding .17%.
5. Coca-Cola Co. (EUR) 0.375% 3/15/2033 (09/14/2020): 750MM Senior Unsecured Notes, Price at Issuance 98.599, Yielding .49%.
6. Coca-Cola Co. (EUR) 0.8% 3/15/2040 (09/14/2020): 850MM Senior Unsecured Notes, Price at Issuance 99.142, Yielding .85%.
7. Digital Dutch Finco BV (EUR) FLT% 9/23/2022 (09/14/2020): 300MM Senior Unsecured Notes.
8. Glencore Capital Finance Designated Activity Company (CHF) 1% 3/30/2027 (09/15/2020): 225MM Senior Unsecured Notes, Price at Issuance 100.598, Yielding .91%.
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 –0.46%, as of 09/14/2020.
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