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CREDIT MACRO: € Credit Close

CREDIT MACRO

 

  • Govt yields were mixed, with bonds bid early on following weaker than expected France and Germany PMIs. US PMIs printed stronger than expected however which reversed the direction of yields. DBRs / USTs close -3 / +1 bp.
  • Stocks traded a little lower with US tech weak overnight and aforementioned PMIs. SPX / SXXP left -0.2% / -0.6%. The €IG issuer basket fell 0.5% with financials and materials both > 1% lower. Carlsberg was the weakest name down 9% on news of their bid for Britvic.
  • €IG cash closes marginally wider with CARLB up to 9 wider. Otherwise, it was a low vol session with spreads in a +3/-3 range.
  • CDS is left wider with Main / XO at +1.0 / +4.
  • Although we only had one primary deal it was the most interesting topic in the market today. International Workplace at MS+387.5 raised a few eyebrows. Much debate over the treatment of leases, with Fitch methodology much more flattering to the issuer.
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