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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Having traded rather flat in the morning, bunds caught a bid on the back of Treasuries moving this afternoon. Strong buying flows were reported there while weak crude was also a factor. Further strength from a softer ISM print didn’t hold, however. DBRs / USTs close -6bp.
  • Stocks were in risk off mode, with eyes on Nvidia weakness again. SXXP / SPX left -1/-1.4%. €IG equities are -0.9%. Notable movers include Amphenol – 7%, Albemarle -7%.
  • €IG cash closes 0.5bp wider. ROLLS widened 10bp due to the A350 engine issues despite trading unchanged yesterday. Away from that, certain high beta names moved up to 6 wider. Real estate sentiment remains strong, with primary pricing aggressively into high demand. Swedish names moved up to 7 tighter. In Banks, Real Estate exposed PBBGR was up to 25 tighter.
  • Primary remains very active with € deals priced from CASTSS, EXPNLN, LOOMBS, MERYFP, SRGIM (perp), BKTSM, NDB, UCAJLN, ACAFP (inco sub), ALPHA (AT1), BKIR (AT1).
  • CDS closes wider with stocks. Main / XO left at 54.2/296, +1.7/+8.
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