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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Bund yields opened higher following the shift in Trump’s election odds but retraced over the session with European stocks weak. DBRs / USTs left -2 / +3bp.
  • The “Trump trade” also saw non-US stocks underperform generally. SPX was helped by bank earnings and energy sentiment. SPX / SXXP left +0.9% / -0.9%. The €IG issuer basket was between the two at -0.4% with Utilities weighing. Sentiment around the renewables affected the likes of Vestas Wind -6%, Siemens Energy -4%. Kojamo fell 10%, having lowered guidance in still tough market conditions. Luxury was generally weak with soft trading updates from Burberry and Swatch.
  • €IG cash closes around 1bp wider. THAMES fell 1.5-5 points with bearish takes ongoing following the Ofwat draft determination last week. FMEGR was around 5bp wider with news of an FTC investigation. Real Estate tightening momentum persists despite Kojamo, with the likes of HEIBOS, IWGLN, AXACOR up to 8bp tighter.
  • Primary was quiet with EnBW and Wells Fargo printing alongside fallen angel Mundys and unrated ITM.
  • CDS closes a touch wider with Main / XO at 51.2 / 284, +0.2/+1.
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  • Bund yields opened higher following the shift in Trump’s election odds but retraced over the session with European stocks weak. DBRs / USTs left -2 / +3bp.
  • The “Trump trade” also saw non-US stocks underperform generally. SPX was helped by bank earnings and energy sentiment. SPX / SXXP left +0.9% / -0.9%. The €IG issuer basket was between the two at -0.4% with Utilities weighing. Sentiment around the renewables affected the likes of Vestas Wind -6%, Siemens Energy -4%. Kojamo fell 10%, having lowered guidance in still tough market conditions. Luxury was generally weak with soft trading updates from Burberry and Swatch.
  • €IG cash closes around 1bp wider. THAMES fell 1.5-5 points with bearish takes ongoing following the Ofwat draft determination last week. FMEGR was around 5bp wider with news of an FTC investigation. Real Estate tightening momentum persists despite Kojamo, with the likes of HEIBOS, IWGLN, AXACOR up to 8bp tighter.
  • Primary was quiet with EnBW and Wells Fargo printing alongside fallen angel Mundys and unrated ITM.
  • CDS closes a touch wider with Main / XO at 51.2 / 284, +0.2/+1.