MARKETS BOUNCE BACK AFTER THREE DAYS OF HEAVY LOSES. TESLA WAS UP 10% AFTER LOSING 21% YESTERDAY. INVESTORS WONDER IF THIS SLIDE IS OVER OR IS THIS A DEAD CAT BOUNCING? FTSE 100 +1.38%, German DAX +2.07%, CAC 40 +1.40%, STOXX Europe 600 +1.62%. The 10-year Gilt was up 4.8 bps.
European Bond Research – September 9, 2020Posted on September 9, 2020
EUROPEAN BOND RESEARCH
September 9, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. Assura PLC (GBP) 1.5% 9/15/2030 (09/08/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.763, Yielding 1.526%.
2. Ryanair Designated Activity Company (EUR) 2.875% 9/15/2025 (09/08/2020): 850MM Senior Unsecured Notes.
3. Elisa OYJ (EUR) 0.25% 9/15/2027 (09/08/2020): 300MM Senior Unsecured Notes, Price at Issuance 102.557.
4. Ford Motor Credit Co. (EUR) 3.25% 9/15/2025 (09/08/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.25%.
5. Commerzbank AG (EUR) VAR% PERP (09/08/2020): 500MM Junior Subordinated Notes.
6. CBQ Finance LTD (USD) 2% 9/15/2025 (09/08/2020): 500MM Senior Unsecured Notes.
7. Enery Power BG Holding GmbH (EUR) FLT% 10/31/2031 (09/08/2020): 45MM Secured Notes.
8. YI Bright Intl. Limited (USD) 3% 9/16/2023 (09/09/2020): 300MM Senior Unsecured Notes.
9. Erste Group Bank AG (EUR) 0.05% 9/16/2025 (09/09/2020): 500MM Senior Preferred Security.
10. Bawag Group AG (EUR) VAR% 9/23/2030 (09/09/2020): 200MM 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 09/08/2020.
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Disclaimer: The information on this blog site is for informational purposes only. Advantage Data makes no representations as to the accuracy, completeness, suitability, or validity, of any information. Advantage Data will not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. All information is provided AS-IS with no warranties and confers no rights. Information is not and should not be considered professional financial investment advice. In all events, Advantage Data is not a broker-dealer, shall not operate as a broker or a dealer, is not holding itself out as a broker or dealer and is not engaged in the business of buying or selling securities or otherwise required to register with the National Association of Securities Dealers.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide