EUROPEAN BOND RESEARCH
September 17, 2020
GLOBAL MARKETS DOWN AS 860K FILE FOR UNEMPLOYMENT. THE FED’S UNCERTAINTY RATTLED MARKETS AS TO WHERE TO GO NEXT. INVESTORS ARE ALSO WAITING TO SEE WHAT CONGRESS WILL PASS. FTSE 100 -0.47%, German DAX -0.36%, CAC 40 -0.69%, STOXX Europe 600 -0.51%. The 10-year Gilt was down 2.6 bps.
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Intrum AB (EUR) 4.875% 8/15/2025 (09/16/2020): 250MM Senior Unsecured Notes, Price at Issuance 100.75, Yielding 4.7%.
2. Svenska Cellulosa AB (SEK) 1.125% 9/23/2027 (09/16/2020): 1200MM Senior Unsecured Notes.
3. Met Life Global Funding Inc. (CHF) 0.125% 9/25/2028 (09/16/2020): 250MM Secured Notes, Price at Issuance 100, Yielding .13%.
4. Novartis Finance SA (EUR) 0% 9/23/2028 (09/16/2020): 1850MM Senior Unsecured Notes.
5. Commerzbank AG (EUR) VAR% 3/24/2026 (09/16/2020): 500MM Senior Non Preferred Notes.
6. Maxeda B.V. (EUR) 5.875% 10/1/2026 Reg S (09/16/2020): 420MM First Lien Notes, Price at Issuance 100, Yielding 5.88%.
7. Maxeda B.V. (EUR) 5.875% 10/1/2026 144A (09/16/2020): 420MM First Lien Notes, Price at Issuance 100, Yielding 5.88%.
8. Optivo (GBP) 5.25% 3/13/2043 (09/17/2020): 150MM Secured Notes.
9. Prs Finance Plc (GBP) 2% 1/23/2029 (09/17/2020): 74MM Secured Notes.
10. Prs Finance Plc (GBP) 1.5% 8/24/2034 (09/17/2020): 57564MM Secured 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 –0.462%, as of 09/16/2020.
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