Here’s What to Watch in European High-Yield Bonds This Week
2020-09-28 10:01:18.549 GMT
By Libby Cherry
(Bloomberg) — Europe’s new high-yield issuance starts
slow, despite a pick-up in credit-market sentiment onnot Monday,
following a week which saw European junk corporate credit risk
climb the most since March.
Volvo Cars AB will hold investor calls Monday and Tuesday
for a euro benchmark green bond. The proceeds will be used to
finance or refinance Eligible Green Projects and activities
related to battery electric vehicles, according to a person
familiar with the matter. This comes after a wave of investment-
grade green bonds from the automotive sector, with Scania CV AB
also planning to sell its first green bond in its home market.
Elsewhere, El Corte Ingles SA’s senior unsecured bond may
come to market this week. Nevertheless with Madrid under
lockdown due to mounting Covid-19 cases, its pricing may be
affected, according to analysts at Spread Research in an emailed
note to clients. Another deal may also come to market this week
although it is unclear if it will be in euros or dollars,
according to a person familiar with the matter.
* iTraxx Crossover index tightened ~7.7bps to ~356bps
* Thyssenkrupp Elevator report their Q3 results today; Naviera
Armas also scheduled to publish numbers this week
* Bonds from Thyssenkrupp Elevator due July 2028 jumped 1.97
cents on the euro following results, the biggest gain since they
were issued in July
* The board of U.K.-based gambling group William Hill Plc would
likely recommend the 2.9 billion-pound ($3.7 billion) takeover
price from Caesars Entertainment Inc, the last said, giving it
an edge over rival Apollo Global Management Inc
* Forthcoming economic data:
** Tuesday: Spain, Germany HICP Inflation (YoY) (Sept.)
** Wednesday: France, Italy HICP Inflation (YoY) (Sept.)
** Friday: Euro-Area CPI Inflation (YoY) (Sept.)
** Read more: EMEA Week Ahead