MARKETS MIXED TO UP AS POLITICAL PARTIES FIGHT OVER HOW MUCH STIMULUS MONEY SHOULD BE GIVEN AND TO WHOM? SECOND LOCKDOWN POSSIBLE IN EUROPE. FTSE 100 +0.43%, German DAX +0.41%, CAC 40 -0.40%, STOXX Europe 600 +0.20%. The 10-year Gilt was up 4.8 bps.
European Bond Research – September 22, 2020Posted on September 22, 2020
EUROPEAN BOND RESEARCH
September 22, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Fresenius Se & Co. Kgaa (EUR) 0.375% 9/18/2026 (09/21/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.333, Yielding .488%.
2. Fresenius Se & Co. Kgaa (EUR) 1.125% 1/28/2033 (09/21/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.738, Yielding 1.148%.
3. Toyota Motor Finance (Netherlands) BV (EUR) FLT% 9/28/2022 (09/21/2020): 150MM Senior Unsecured Notes, Price at Issuance 100.76.
4. UBS Group AG (USD) 0% 9/22/2050 (09/22/2020): 55MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
5. ABH Ukraine LTD Via Emis Finance BV (USD) 9.5% 10/15/2024 (09/22/2020): 50MM Secured Notes, Price at Issuance 100, Yielding 9.5%.
6. ABH Ukraine LTD Via Emis Finance BV (EUR) 5.5% 7/15/2023 (09/22/2020): 50MM Secured Notes, Price at Issuance 100, Yielding 5.5%.
7. Karlsberg Brauerei KG (EUR) 4.25% 9/29/2025 (09/22/2020): 50MM 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 –0.470%, as of 09/21/2020.
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