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Credit Midday

CREDIT UPDATE
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  • No clear direction this morning and no large curve movers to flag. Movers in HY include APPARK (tender out on fixed 27s alongside mandate) and Thames (rallying on above headlines).
  • iTraxx and equities similarly mute. Only vol in rates; bunds -6bps after weak S&P PMI's in Germany and France across manufacturing and services. It dragged the Eurozone composite to a contractionary 48.9 (consensus 50.5, prev. 51) - first time since February. US PMI's come at 2:45pm London.
  • Primary relatively active and mandates on the side-line (including those from last week), a open macro calendar in Europe, and surveyed supply expectations are all indicative of more to come.
  • CDX opening tad wider, S&P futures +0.1% with low single name vol. Flat closes there for credit on Friday.
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  • No clear direction this morning and no large curve movers to flag. Movers in HY include APPARK (tender out on fixed 27s alongside mandate) and Thames (rallying on above headlines).
  • iTraxx and equities similarly mute. Only vol in rates; bunds -6bps after weak S&P PMI's in Germany and France across manufacturing and services. It dragged the Eurozone composite to a contractionary 48.9 (consensus 50.5, prev. 51) - first time since February. US PMI's come at 2:45pm London.
  • Primary relatively active and mandates on the side-line (including those from last week), a open macro calendar in Europe, and surveyed supply expectations are all indicative of more to come.
  • CDX opening tad wider, S&P futures +0.1% with low single name vol. Flat closes there for credit on Friday.