BAD THINGS SEEM TO HAPPEN IN THREE’S. THE MARKETS FELL FOR THE THIRD DAY AS TECH STOCKS, THAT WERE ONCE HIGH FLYING, CAME CRASHING BACK TO EARTH. TESLA STOCK LOST 21% OF ITS MARKET CAP. FTSE 100 -0.12%, German DAX -1.01%, CAC 40 -1.59%, STOXX Europe 600 -1.15%. The 10-year Gilt was down 5.9 bps.
European Bond Research – September 8, 2020Posted on September 8, 2020
EUROPEAN BOND RESEARCH
September 8, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Volkswagen Financial Services NV (SEK) FLT% 9/14/2022 (09/07/2020): 500MM Senior Unsecured Notes.
2. APRR SA (EUR) 0.125% 1/18/2029 (09/07/2020): 500MM Senior Unsecured Notes.
3. Koninklijke KPN NV (EUR) 0.875% 12/14/2032 (09/07/2020): 600MM Senior Unsecured Notes.
4. Banco BPM S.P.A. (EUR) VAR% 9/14/2030 (09/07/2020): 500MM Subordinated Notes.
5. Banque International Lux (EUR) FLT% 2/3/2022 (09/07/2020): 50MM Senior Preferred Security.
6. Assura PLC (GBP) 1.5% 9/15/2030 (09/08/2020): 300MM Senior Unsecured Notes.
7. Ryanair Designated Activity Company (EUR) 2.875% 9/15/2025 (09/08/2020): 850MM Senior Unsecured Notes.
8. Elisa OYJ (EUR) 0.25% 9/15/2027 (09/08/2020): 300MM Senior Unsecured Notes.
9. Ford Motor Credit Co. (EUR) 3.25% 9/15/2025 (09/08/2020): 750MM Senior Unsecured Notes.
10. Commerzbank AG (EUR) VAR% PERP (09/08/2020): 500MM 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 –0.459%, as of 09/07/2020.
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