November 26, 2024 11:03 GMT
CREDIT UPDATE: EUR Market Wrap
CREDIT UPDATE
- Bunds are broadly flat with 2y/10y yields at 2.02%/2.2%. Today’s regional calendar has been headlined by supply from Italy and Germany, which was digested smoothly while this morning’s ECB speakers (de Guindos, Centeno and Rehn) were not major market movers.
- Main/XO are +0.2bp/flat at 57.7bp/307bp while €IG/€HY looks +1bp/flat. No IG issuers in the market today though Heimstaden Bostad are issuing hybrid and HY issuer Arrow Global are issuing HY. €IG curve movers include WHR (+4-5bps), WLNFP (2-3 tighter), ITV (32s -3bp).
- SXXP is -0.5% at 506pts while SPX futures are flat. €IG's biggest risers/fallers include Banca Monte dei Paschi di Sien (+3%), Aliaxis SA (-7%), Proximus SADP (-6%), Pirelli & C SpA (-4%), Bayer AG (-4%), Nissan (-4%).
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