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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 2-4bp tighter – DM team flagged the pullback in crude prices and heightened speculation of an October ECB rate cut as supporting EGBs this morning. Reuters reported that policy doves are pushing for a rate cut in October, helping the OIS implied probability of a cut at that meeting extend to above 65% (vs 20% at the start of this week).
  • Main/XO are -1.3bp/-6bp at 57.7bp/308bp while €IG/€HY looks flat/+2bp. €IG curve movers include VFC (6-9bps tighter), SWFP (3-8bps wider), ARNDTN (1-6bp wider), HBRLN (2-5bp wider).
  • SXXP is +0.9% while SPX futures are +0.8%. €IG movers include Sartorious +7%, Prosus +7%, LVMH +7%, Kering +7%, Sodexo -6%, Teleperformance -5%.
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  • Bunds are 2-4bp tighter – DM team flagged the pullback in crude prices and heightened speculation of an October ECB rate cut as supporting EGBs this morning. Reuters reported that policy doves are pushing for a rate cut in October, helping the OIS implied probability of a cut at that meeting extend to above 65% (vs 20% at the start of this week).
  • Main/XO are -1.3bp/-6bp at 57.7bp/308bp while €IG/€HY looks flat/+2bp. €IG curve movers include VFC (6-9bps tighter), SWFP (3-8bps wider), ARNDTN (1-6bp wider), HBRLN (2-5bp wider).
  • SXXP is +0.9% while SPX futures are +0.8%. €IG movers include Sartorious +7%, Prosus +7%, LVMH +7%, Kering +7%, Sodexo -6%, Teleperformance -5%.