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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
BulletCredit Bullets
  • 2y/10y bunds are flat/-3bp at 2.02%/2.16% - DM team flagged a hawkish-leaning interview by ECB Executive Board member Schnabel in which she sought to play down the impact of the weak November flash PMIs and warned against cutting rates into accommodative territory, pushing back on current market pricing of a ~1.75% terminal rate.
  • Main/XO are broadly flat at 58.3bp/310bp while €IG/€HY looks +1bp. €IG primary kept open by Abanca and Fingrid. €IG curve movers dominated by French banks - SOCGEN (up to 8bp wider), BNP (up to 8bp wider), ACAFP (up to 7bp wider) amongst others.
  • SXXP is -0.4% at 504pts while SPX futures are -0.1%. €IG's biggest risers/fallers include Aroundtown SA (+7%), Solvay SA (+6%), AXA SA (-5%), Nissan Motor Co Ltd (-5%). 
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  • 2y/10y bunds are flat/-3bp at 2.02%/2.16% - DM team flagged a hawkish-leaning interview by ECB Executive Board member Schnabel in which she sought to play down the impact of the weak November flash PMIs and warned against cutting rates into accommodative territory, pushing back on current market pricing of a ~1.75% terminal rate.
  • Main/XO are broadly flat at 58.3bp/310bp while €IG/€HY looks +1bp. €IG primary kept open by Abanca and Fingrid. €IG curve movers dominated by French banks - SOCGEN (up to 8bp wider), BNP (up to 8bp wider), ACAFP (up to 7bp wider) amongst others.
  • SXXP is -0.4% at 504pts while SPX futures are -0.1%. €IG's biggest risers/fallers include Aroundtown SA (+7%), Solvay SA (+6%), AXA SA (-5%), Nissan Motor Co Ltd (-5%).