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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds closed 5-6bp wider at 2.07%/2.14% - EGBs performed poorly with renewed OAT spread widening amid heavy French and Spanish supply weighing in the morning followed by post-ISM weakness which failed to hold.
  • Main/XO ended +0.4bp/+3bp at 60bp/319bp while €IG was -1.4bp at 1.15% (Corps -1.4bp at 1.07%, Fins -1.4bp at 1.25%, €HY -2bp at 3.44%) with essentially all sectors and sub-sectors slightly in the green and the €IG index into tighter MoM territory. $IG was -0.5bp at 0.87% (Corps -0.5bp at 0.86%, Fins -0.5bp at 0.88%, $HY -2bp at 2.97%).
  • SXXP/SPX ended -0.9%/-0.2% at 516pts/5700pts. €IG's biggest risers/fallers included H Lundbeck A/S (+4%), Stora Enso Oyj (+4%), PACCAR Inc (+3%), DXC Technology Co (+3%), Bouygues SA (-5%), Sartorius AG (-5%), Stellantis NV (-4%).
  • SX5E/SPX futures are +0.2%/flat. Equity sentiment has been mostly positive in the region, with tech outperforming. UST futures have traded in narrow ranges throughout the session. Oil has been steady but is still up strongly for the week on Middle East tensions.

 

 

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  • Bunds closed 5-6bp wider at 2.07%/2.14% - EGBs performed poorly with renewed OAT spread widening amid heavy French and Spanish supply weighing in the morning followed by post-ISM weakness which failed to hold.
  • Main/XO ended +0.4bp/+3bp at 60bp/319bp while €IG was -1.4bp at 1.15% (Corps -1.4bp at 1.07%, Fins -1.4bp at 1.25%, €HY -2bp at 3.44%) with essentially all sectors and sub-sectors slightly in the green and the €IG index into tighter MoM territory. $IG was -0.5bp at 0.87% (Corps -0.5bp at 0.86%, Fins -0.5bp at 0.88%, $HY -2bp at 2.97%).
  • SXXP/SPX ended -0.9%/-0.2% at 516pts/5700pts. €IG's biggest risers/fallers included H Lundbeck A/S (+4%), Stora Enso Oyj (+4%), PACCAR Inc (+3%), DXC Technology Co (+3%), Bouygues SA (-5%), Sartorius AG (-5%), Stellantis NV (-4%).
  • SX5E/SPX futures are +0.2%/flat. Equity sentiment has been mostly positive in the region, with tech outperforming. UST futures have traded in narrow ranges throughout the session. Oil has been steady but is still up strongly for the week on Middle East tensions.