EUROPEAN BOND RESEARCH
September 16, 2020
GLOBAL MARKETS UP AS THE FED STATES IT WILL KEEP RATES AT NEAR ZERO TIL AT LEAST THROUGH 2023. BUXX WEAKENED TO 87.97 AS THE US DOLLAR LOST AGAINST MAJOR CURRENCIES IN LIGHT OF THE FED’S POLICY. FTSE 100 -0.44%, German DAX +0.29%, CAC 40 +0.13%, STOXX Europe 600 +0.58%. The 10-year Gilt was down 0.6 bps.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. UniCredit SpA (USD) 2.569% 9/22/2026 Reg S (09/15/2020): 1000MM Senior Non Preferred Notes.
2. Societe Generale (EUR) VAR% 9/22/2028 (09/15/2020): 1000MM Senior Non Preferred Notes.
3. 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%.
4. UniCredit SpA (USD) 2.569% 9/22/2026 (09/15/2020): 1000MM Senior Non Preferred Notes.
5. Altice France (EUR) 4.125% 1/15/2029 Reg S (09/15/2020): 500MM Secured Notes.
6. SPCM SA (EUR) 2% 2/1/2026 Reg S (09/15/2020): 350MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2%.
7. SPCM SA (EUR) 2.625% 2/1/2029 Reg S (09/15/2020): 350MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.63%.
8. Altice France (USD) 5.125% 1/15/2029 Reg S (09/15/2020): 475MM Secured Notes, Price at Issuance 100, Yielding 5.13%.
9. Met Life Global Funding Inc. (CHF) 0.125% 9/25/2028 (09/16/2020): 250MM Secured Notes, Price at Issuance 100, Yielding .13%.
10. Novartis Finance SA (EUR) 0% 9/23/2028 (09/16/2020): 1850MM 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 –0.458%, as of 09/15/2020.
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