EUROPEAN BOND RESEARCH
September 18, 2020
GLOBAL MARKETS DOWN AND HAD A ROTTEN WEEK. SHORT SELLERS SEEM TO BE AIMING AT TECHNOLOGY TO CONTINUE DOWNWARD PRESSURE ON THE MARKETS. FTSE 100 -0.71%, German DAX -0.71%, CAC 40 -1.22%, STOXX Europe 600 -0.66%. The 10-year Gilt was down 0.3 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 –0.463%, as of 09/17/2020.
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