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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 2.03%/2.16% - DM team that German state-level inflation data suggests some downside risks to the national consensus of 2.3% Y/Y. Spanish headline HICP was in line at 2.4% Y/Y, but the slightly lower than-expected core CPI print (2.4% Y/Y vs 2.6% cons) provided some support earlier.
  • Main/XO are -0.4bp/-2bp at 57.4bp/306bp while €IG/€HY looks -1bp/-2bp. Primary closed. €IG curve movers include VW (up to 7bp tighter) and WLNFP (4bp tighter).
  • SXXP is +0.4% at 507pts while SPX futures are +0.1%. €IG's biggest risers/fallers include ASML Holding NV (+4%), Inmocemento SA (+4%), easyJet PLC (+3%), Vestas Wind Systems A/S (+3%), Aviva PLC (-3%).
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  • Bunds are 0-1bp wider with 2y/10y yields at 2.03%/2.16% - DM team that German state-level inflation data suggests some downside risks to the national consensus of 2.3% Y/Y. Spanish headline HICP was in line at 2.4% Y/Y, but the slightly lower than-expected core CPI print (2.4% Y/Y vs 2.6% cons) provided some support earlier.
  • Main/XO are -0.4bp/-2bp at 57.4bp/306bp while €IG/€HY looks -1bp/-2bp. Primary closed. €IG curve movers include VW (up to 7bp tighter) and WLNFP (4bp tighter).
  • SXXP is +0.4% at 507pts while SPX futures are +0.1%. €IG's biggest risers/fallers include ASML Holding NV (+4%), Inmocemento SA (+4%), easyJet PLC (+3%), Vestas Wind Systems A/S (+3%), Aviva PLC (-3%).