GLOBAL MARKETS POPPED AS ISM MANUFACTURING INDEX HITTING ITS HIGHEST LEVELS SINCE AUGUST 2018 AND THE CDC HAS ASKED STATES TO START SETTING UP COVID19 VACCINE SITES BY NOV 1ST. FTSE 100 +1.35%, German DAX +2.02%, CAC 40 +1.90%, STOXX Europe 600 +1.66%. The 10-year Gilt was down 6.6 bps.
European Bond Research – September 2, 2020Posted on September 2, 2020
EUROPEAN BOND RESEARCH
September 2, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Landshypotek Bank AB (SEK) FLT% 9/8/2022 (09/01/2020): 600MM Senior Unsecured Notes.
2. Adidas AG (EUR) 0% 9/9/2024 (09/01/2020): 500MM Senior Unsecured Notes, Price at Issuance 100.321.
3. Adidas AG (EUR) 0.625% 9/10/2035 (09/01/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.36, Yielding .67%.
4. Mediobanca Banca di Credito Finanziario SpA (EUR) 1% 9/8/2027 (09/01/2020): 500MM Senior Preferred Security, Price at Issuance 99.564.
5. Barclays Bank PLC (EUR) 0% 9/9/2022 (09/01/2020): 216.4MM Secured Notes, Price at Issuance 100.
6. BMW Intl. Investment BV (GBP) 0.75% 3/8/2024 (09/01/2020): 350MM Senior Unsecured Notes, Price at Issuance 99.896.
7. Erste Group Bank AG (EUR) VAR% 9/8/2031 (09/01/2020): 500MM Subordinated Notes, Price at Issuance 99.181, Yielding 1.77%.
8. Bawag Group AG (EUR) VAR% PERP (09/01/2020): 175MM Junior Subordinated 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 –0.441%, as of 09/01/2020.
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