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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are +3bp/+1bp – DM team flagged Italian flash inflation was in line with consensus at 0.8% Y/Y, while core inflation saw a five tenths deceleration. There has been a small unwind of ECB rate cut pricing on the German data with <75% of an October cut priced.
  • Main/XO are +1.3bp/+4bp at 58.8bp/312bp while €IG/€HY looks flat. Primary is open with €IG deals from SMFG, Alliander, Landsbankinn. €IG curve movers include VW (up to 12bp wider), STLA (up to 10bp wider), PRXNA (7-10bps tighter).
  • SXXP is -0.9% while SPX futures are -0.2%. €IG movers include Mizuho +4%, Forvia -8%, Toyota/Honda/Renault/Nissan/VW -5-8%.
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  • 2y/10y bunds are +3bp/+1bp – DM team flagged Italian flash inflation was in line with consensus at 0.8% Y/Y, while core inflation saw a five tenths deceleration. There has been a small unwind of ECB rate cut pricing on the German data with <75% of an October cut priced.
  • Main/XO are +1.3bp/+4bp at 58.8bp/312bp while €IG/€HY looks flat. Primary is open with €IG deals from SMFG, Alliander, Landsbankinn. €IG curve movers include VW (up to 12bp wider), STLA (up to 10bp wider), PRXNA (7-10bps tighter).
  • SXXP is -0.9% while SPX futures are -0.2%. €IG movers include Mizuho +4%, Forvia -8%, Toyota/Honda/Renault/Nissan/VW -5-8%.