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CREDIT UPDATE
  • Mixed Euro area March PMI's, dovish in the periphery CB's (BOE, SNB) has helped local rates stay firm in the face of still firm US data this afternoon - bunds end -4bps in the belly.
  • €IG is skewed mildly tighter, only curves firmly wider in the index are German banks Aareal & PBB with the former receiving a downgrade into Baa1 form Moody's last night on CRE exposure. In corp's it was RCI (RENAUL) moving +3-7bps on €1.5b 2-part supply.
  • £IG is also skewed tighter helped by Virgin Money (VMUKLN) lines moving -2-7bps tighter - seems to be on VM confirming takeover agreement from Nationwide for £2.9b (preliminary offer made in early March).
  • Strong session for equities (€IG basket +0.8%, SXXP +0.95%) - bulk of it in IG driven by financials (+1.5%) with Real Estate (+1.6%) & Materials (+1.4%) also strong. iTraxx on track for -2.3/-4bps close.
  • Primary slowed down to 5 issues - WTD £/€IG/HY now north of €30b & firmly above expectations for €21b. Meanwhile 3 issuers in $IG is pointing to supply again coming in-line with expectations (c$30b) - for a 2nd week in a row.
  • March $IG isupply looks to be coming only slightly above expectations at $114b to date vs. c$130b - down from ~$200b in Feb & more in line with pre-covid March averages.
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