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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 0-2bp wider – DM team flagged earlier that BoJ Governor Ueda’s cautious comments and a softer tone in equities likely helped Bunds away from intraday lows this morning, while less hawkish than usual remarks from BoE’s Mann had little lasting impact.
  • €IG/€HY looks flat/-1bp with Cons Disc +3bp on autos weakness as covered. Primary kept open by Nykredit Realkredit and Grenke. €IG curve movers dominated by autos; biggest movers include MBGGR (7-12bp wider), VFC (8-10bp wider), NSANY 28s (8bp wider), VW (mostly 3-10bps wider, 29s are +15bp), FDX (5-7bp wider).
  • SXXP is -0.6% while SPX futures are -0.3%. €IG movers include Securitas AB +4%, Mercedes -7%, Vicinity Centres -5%, Sartorius -5%.
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  • Bunds are 0-2bp wider – DM team flagged earlier that BoJ Governor Ueda’s cautious comments and a softer tone in equities likely helped Bunds away from intraday lows this morning, while less hawkish than usual remarks from BoE’s Mann had little lasting impact.
  • €IG/€HY looks flat/-1bp with Cons Disc +3bp on autos weakness as covered. Primary kept open by Nykredit Realkredit and Grenke. €IG curve movers dominated by autos; biggest movers include MBGGR (7-12bp wider), VFC (8-10bp wider), NSANY 28s (8bp wider), VW (mostly 3-10bps wider, 29s are +15bp), FDX (5-7bp wider).
  • SXXP is -0.6% while SPX futures are -0.3%. €IG movers include Securitas AB +4%, Mercedes -7%, Vicinity Centres -5%, Sartorius -5%.