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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Rates trended higher today with a firm Australian CPI print overnight setting the tone, 5-year treasury supply ahead weighed later in the session. DBRs / USTs close +4/+6 bp. Eurozone spreads were wider with OATs +2bp. 
  • Stocks faded after opening marginally better as risk-off sentiment took hold. SPX / SXXP left -0.2/-0.6%. Consumer was weakest within the €IG issuer basket with only Tech (marginally) higher. Fedex was a strong performer on earnings beat and potential asset sales.
  • €IG cash closes around 0.5bp tighter on average. ERRFP bonds (-3 to -13bp) continue their recovery, no further news today. WHR (up to -10bp) benefitted from a potential bid from RBOSGR (up to +7bp). FDX was 3-5 tighter. ALVGR was 3-5 wider on supply.
  • CDS tracked macro risk off with Main / XO closing +1.1 / +4bp.
  • Primary saw just ERGIM and ALZGR priced in €IG.
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