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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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• Bunds are 1-2bp wider after an early bid reversed. DM team flagged little in the way of major event risk scheduled for the remainder of the day, mid-level U.S. data and comments from Fed’s Kugler due. ECB cut pricing stands at 15bp for Oct and at 25 bp or above for each of Dec/Jan/March.
• Main/XO are flat at 58.8bp/314bp while €IG/€HY looks flat/-1bp. Curve movers include WLNFP (5-7bps wider), STLA (up to 8bp wider), APTV (3-5bps wider), PEUGOT (28s 4bp wider), HBRLN (~4bp wider) and with other autos also underperforming amidst ongoing weak sentiment, equity downgrades on the sector and tariff talk.
• SXXP is flat while SPX futures are flat too. €IG movers include Helvetia +4%, Rentokil +4%, BHP Group +4%, Worldline -4%, SAP -3%.

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• Bunds are 1-2bp wider after an early bid reversed. DM team flagged little in the way of major event risk scheduled for the remainder of the day, mid-level U.S. data and comments from Fed’s Kugler due. ECB cut pricing stands at 15bp for Oct and at 25 bp or above for each of Dec/Jan/March.
• Main/XO are flat at 58.8bp/314bp while €IG/€HY looks flat/-1bp. Curve movers include WLNFP (5-7bps wider), STLA (up to 8bp wider), APTV (3-5bps wider), PEUGOT (28s 4bp wider), HBRLN (~4bp wider) and with other autos also underperforming amidst ongoing weak sentiment, equity downgrades on the sector and tariff talk.
• SXXP is flat while SPX futures are flat too. €IG movers include Helvetia +4%, Rentokil +4%, BHP Group +4%, Worldline -4%, SAP -3%.