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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 0-1bp wider with 2y/10y yields at 2.24%/2.27% - DM team flagged a tight range in the absence of notable macro drivers. The 10yr OAT/Bund spread is little changed after Fitch downgraded France’s sovereign credit outlook to Negative from Stable on Friday.
  • Main/XO are -0.3bp/-1bp at 56.4bp/307bp while €IG/€HY looks -1bp/-3bp. Primary kept open by BCPPL (2.5bp NIC) and de Volksbank (zero NIC). €IG curve movers include FLTR 29S (+16bp on reported tax concerns), SESGFP (27s +6bp, 29s +17bp, perps also to 2pts lower against no news while the equity is the best €IG performer), AREIT 28s (+8bp), HEIBOS (up to 8bp tighter).
  • SXXP is flat at 522pts while SPX futures are +0.2%. €IG's movers include Flutter Entertainment PLC (-5%), Cromwell Property Group (-5%), Kering SA (-4%).
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  • Bunds are 0-1bp wider with 2y/10y yields at 2.24%/2.27% - DM team flagged a tight range in the absence of notable macro drivers. The 10yr OAT/Bund spread is little changed after Fitch downgraded France’s sovereign credit outlook to Negative from Stable on Friday.
  • Main/XO are -0.3bp/-1bp at 56.4bp/307bp while €IG/€HY looks -1bp/-3bp. Primary kept open by BCPPL (2.5bp NIC) and de Volksbank (zero NIC). €IG curve movers include FLTR 29S (+16bp on reported tax concerns), SESGFP (27s +6bp, 29s +17bp, perps also to 2pts lower against no news while the equity is the best €IG performer), AREIT 28s (+8bp), HEIBOS (up to 8bp tighter).
  • SXXP is flat at 522pts while SPX futures are +0.2%. €IG's movers include Flutter Entertainment PLC (-5%), Cromwell Property Group (-5%), Kering SA (-4%).