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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Bunds remain supported ahead of Wednesday’s FOMC decision, where the noise for 50bp continues to grow. DBRs/USTs close -3/-2bp.
  • Stocks are little changed with SXXP/SPX both -0.2%. €IG equities close flat. Notable movers include Norsk Hydro +4%, Icade +4%, Worldline -13%, Forvia -5%.
  • €IG cash closes a little more than 1bp tighter. Autos led by BMW (1-6 tighter) continue to regain a little ground with reverse yankees also tighter for choice. WLNFP 28s widened another 18bp following Friday’s 20-25bp move. SZUGR 27s widened 8bp on its profit warning. In HY RXLFP is up 50-165c and TIFSLN is up 3pts, both on rejected takeover bids.
  • Primary saw € deals from ARRFP, CCEP, DTRGR, HSBC and IREIM priced.
  • CDS closes marginally wider with Main / XO at 53.8/291 +0.3/+1.
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  • Bunds remain supported ahead of Wednesday’s FOMC decision, where the noise for 50bp continues to grow. DBRs/USTs close -3/-2bp.
  • Stocks are little changed with SXXP/SPX both -0.2%. €IG equities close flat. Notable movers include Norsk Hydro +4%, Icade +4%, Worldline -13%, Forvia -5%.
  • €IG cash closes a little more than 1bp tighter. Autos led by BMW (1-6 tighter) continue to regain a little ground with reverse yankees also tighter for choice. WLNFP 28s widened another 18bp following Friday’s 20-25bp move. SZUGR 27s widened 8bp on its profit warning. In HY RXLFP is up 50-165c and TIFSLN is up 3pts, both on rejected takeover bids.
  • Primary saw € deals from ARRFP, CCEP, DTRGR, HSBC and IREIM priced.
  • CDS closes marginally wider with Main / XO at 53.8/291 +0.3/+1.