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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • • 2y/10y bunds are +3bp/+5bp at 2.06%/2.14% - DM team flagged that regional headline flow has been light, with heavy French and Spanish supply weighing on EGBs this morning. An upward revision to the Eurozone September services PMI and slightly higher-than-expected monthly PPI inflation were not major market movers.
    • Main/XO are -0.3bp/flat at 59.2bp/316bp while €IG/€HY looks -1bp/-2bp. IG primary closed. €IG curve movers include SKFBSS (3-11bp tighter), PRXNA (5-9bp tighter), ICPLN (3-6bp tighter), WMG (5-6bp tighter), VRLAFP (4-6bp tighter).
    • SXXP is -0.6% at 518pts while SPX futures are -0.3%. €IG's biggest risers/fallers include Stora Enso Oyj (+5%), Tesco PLC (+3%), Rolls-Royce Holdings PLC (+3%), NIDEC CORP (+3%), K+S AG (-5%), Phoenix Group Holdings PLC (-5%), Bouygues SA (-4%), Sartorius AG (-4%).
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  • • 2y/10y bunds are +3bp/+5bp at 2.06%/2.14% - DM team flagged that regional headline flow has been light, with heavy French and Spanish supply weighing on EGBs this morning. An upward revision to the Eurozone September services PMI and slightly higher-than-expected monthly PPI inflation were not major market movers.
    • Main/XO are -0.3bp/flat at 59.2bp/316bp while €IG/€HY looks -1bp/-2bp. IG primary closed. €IG curve movers include SKFBSS (3-11bp tighter), PRXNA (5-9bp tighter), ICPLN (3-6bp tighter), WMG (5-6bp tighter), VRLAFP (4-6bp tighter).
    • SXXP is -0.6% at 518pts while SPX futures are -0.3%. €IG's biggest risers/fallers include Stora Enso Oyj (+5%), Tesco PLC (+3%), Rolls-Royce Holdings PLC (+3%), NIDEC CORP (+3%), K+S AG (-5%), Phoenix Group Holdings PLC (-5%), Bouygues SA (-4%), Sartorius AG (-4%).