MARKETS DOWN AS US UNEMPLOYMENT RATE FELL TO 8.4% AS THE US ADDED 1.4 MILLION JOBS. AUGUST EMPLOYMENT IS STILL 11.5 MILLION JOBS LESS THAN FEBRUARY JOB FIGURES. LABOR PARTICIPATION IS STILL BELOW CONSENSUS. U6 EMPLOYMENT FIGURES PAINT A 14.6% UNEMPLOYMENT RATE, UNDERSCORING MAIN STREETS TROUBLES. FTSE 100 -0.88%, German DAX -1.65%, CAC 40 -0.89%, STOXX Europe 600 -1.13%. The 10-year Gilt was up 2.6 bps.
European Bond Research – September 4, 2020Posted on September 4, 2020
EUROPEAN BOND RESEARCH
September 4, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Aktia Bank Oyj (SEK) FLT% 9/10/2025 (09/03/2020): 500MM Senior Preferred Security.
2. KBC Group NV (EUR) VAR% 9/10/2026 (09/03/2020): 750MM Senior Unsecured Notes.
3. Banca Monte Dei Paschi di Siena SpA (EUR) VAR% 9/10/2030 (09/03/2020): 300MM Subordinated Notes, Price at Issuance 100.
4. Akelius Residential Property Publ AB (EUR) 1% 1/17/2028 (09/03/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.889, Yielding 1.016%.
5. Shell International Finance BV (GBP) 1% 12/10/2030 (09/03/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.401.
6. Shell International Finance BV (GBP) 1.75% 9/10/2052 (09/03/2020): 500MM Senior Unsecured Notes, Price at Issuance 97.972.
7. Daimler AG (EUR) 0.75% 9/10/2030 (09/03/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.188, Yielding .835%.
8. HSBC Bank PLC (GBP) FLT% 9/14/2022 (09/04/2020): 320MM Senior Unsecured Notes.
9. Komatsu Europe Coordination Center NV (EUR) FLT% 9/17/2021 (09/04/2020): 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 –0.451%, as of 09/02/2020.
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