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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are -2bp/-6bp – DM team flagged that OATs have led this morning’s rally with PM Barnier expected to announce measures to tighten fiscal policy at today’s parliamentary address. National-level data released over the past three sessions meant Eurozone September flash inflation was not a market mover, with headline and core meeting consensus estimates at 1.8% and 2.7% Y/Y respectively.
  • Main/XO are -0.5bp/-1bp at 58.5bp/310bp while €IG/€HY looks flat/+1bp. €IG primary quiet but kept open by FCC and Adecco. €IG curve movers include WMG (+6-9bps), AREIT 28s (-6bp), SIXGR (+5-6bps), VW (up to 8bp tighter), STLA (up to 5bp tighter).
  • SXXP is +0.1% while SPX futures are flat. €IG movers include Norstar +4%, Covestro +4%, Neste Oyj -6%, AP Moller-Maersk -5%.
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  • 2y/10y bunds are -2bp/-6bp – DM team flagged that OATs have led this morning’s rally with PM Barnier expected to announce measures to tighten fiscal policy at today’s parliamentary address. National-level data released over the past three sessions meant Eurozone September flash inflation was not a market mover, with headline and core meeting consensus estimates at 1.8% and 2.7% Y/Y respectively.
  • Main/XO are -0.5bp/-1bp at 58.5bp/310bp while €IG/€HY looks flat/+1bp. €IG primary quiet but kept open by FCC and Adecco. €IG curve movers include WMG (+6-9bps), AREIT 28s (-6bp), SIXGR (+5-6bps), VW (up to 8bp tighter), STLA (up to 5bp tighter).
  • SXXP is +0.1% while SPX futures are flat. €IG movers include Norstar +4%, Covestro +4%, Neste Oyj -6%, AP Moller-Maersk -5%.