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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds are flat to 2bp tighter – DM team flagged the German September ZEW survey was weaker than expected on both the expectations and current conditions metrics, but did not move markets. Pricing for Fed cuts ahead of tomorrow’s decision shows cumulative cuts from 5.33% effective of 42bp Sep, 78bp Nov, 119bp Dec, 157bp Jan and 233bp June.
  • Main/XO are -1bp/-5bp at 52.6bp/285bp while €IG/€HY looks -1bp/-2bp. Primary is open with deals from Bank Polska Kasa Opieki SA, CPI Property Group SA, Carmila SA, Eurobank SA, Heidelberg Materials AG, Lseg Netherlands BV, RCI Banque SA and Segro PLC.
  • €IG curve movers include WLNFP (30-40bps wider, now over 60bp/90bp wider WoW), ENAPHO (3-9bps tighter), ICPLN (2-7bps tighter), SGROLN (2-6bps wider on supply)
  • SXXP is +0.7% while SPX futures are +0.4%. €IG movers include Barry Callebaut +7%, SKF AB +6%, Alixis SA -10%.
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  • Bunds are flat to 2bp tighter – DM team flagged the German September ZEW survey was weaker than expected on both the expectations and current conditions metrics, but did not move markets. Pricing for Fed cuts ahead of tomorrow’s decision shows cumulative cuts from 5.33% effective of 42bp Sep, 78bp Nov, 119bp Dec, 157bp Jan and 233bp June.
  • Main/XO are -1bp/-5bp at 52.6bp/285bp while €IG/€HY looks -1bp/-2bp. Primary is open with deals from Bank Polska Kasa Opieki SA, CPI Property Group SA, Carmila SA, Eurobank SA, Heidelberg Materials AG, Lseg Netherlands BV, RCI Banque SA and Segro PLC.
  • €IG curve movers include WLNFP (30-40bps wider, now over 60bp/90bp wider WoW), ENAPHO (3-9bps tighter), ICPLN (2-7bps tighter), SGROLN (2-6bps wider on supply)
  • SXXP is +0.7% while SPX futures are +0.4%. €IG movers include Barry Callebaut +7%, SKF AB +6%, Alixis SA -10%.