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CREDIT UPDATE: Midday Wrap

CREDIT UPDATE
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  • Low vol to start the week with a 1-3bp skew tighter in €IG. We did have a firm close on Friday (-3.8bps) so not necessarily a catch up move to $IG. No curve movers to flag in IG outside autos firm again, and in HY it is Auchan moving up to 2.5pts cheaper - on flows again.
  • Equities are flat (€IG+0.3%, SXXP flat, S&P futures -0.5%) with no sector movers to flag. Single name movers are all sub 5%. Low vol in US pre-market.
  • Bunds are +4.5bps in the belly continuing last weeks +13bp move. Move higher comes in the face of otherwise weak data; German August factory orders fell more than expected while Eurozone real retail sales came in at +0.8%yoy (c+1%, prev -0.1%).
  • No primary for us but mandates have come in at a slow pace; expectations across both regions have come down (€/£ ex. SSA ~€12b vs. ~€17b last week, $IG $10-15b vs. $20b) - ahead of earnings kicking off later this week.
  • CDX opened a tad wider but is moving to unch levels in US morning.
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  • Low vol to start the week with a 1-3bp skew tighter in €IG. We did have a firm close on Friday (-3.8bps) so not necessarily a catch up move to $IG. No curve movers to flag in IG outside autos firm again, and in HY it is Auchan moving up to 2.5pts cheaper - on flows again.
  • Equities are flat (€IG+0.3%, SXXP flat, S&P futures -0.5%) with no sector movers to flag. Single name movers are all sub 5%. Low vol in US pre-market.
  • Bunds are +4.5bps in the belly continuing last weeks +13bp move. Move higher comes in the face of otherwise weak data; German August factory orders fell more than expected while Eurozone real retail sales came in at +0.8%yoy (c+1%, prev -0.1%).
  • No primary for us but mandates have come in at a slow pace; expectations across both regions have come down (€/£ ex. SSA ~€12b vs. ~€17b last week, $IG $10-15b vs. $20b) - ahead of earnings kicking off later this week.
  • CDX opened a tad wider but is moving to unch levels in US morning.