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CREDIT UPDATE
  • €IG has shifted to a firmer skew wider this afternoon led by broad based weakness in financials. RE name Heimstaden (HEIBOS) is up to +1.7pts/+60bps wider, reversing from recent tights on a Fitch downgrade to BBB- Neg. yesterday. It's a relative index lightweight with the sell-off adding just under +0.1bp to todays move. There was some lingering weakness (up to +8bps in some lines) for EQIX & RBIAV following Wednesday's sell off.
  • Today's moves should leave us 1-2bps wider on the week holding onto a still sizeable 10bps+ of outperformance YTD vs. $IG.
  • €IG equities ended +0.2% (SXXP unch) only sector on the move was Utilities (+1.1%). Single name movers were far and few; FedEx jumping +7% on earnings that included a sizeable $5b buyback programme.
  • £IG is skewed firmly wider as well, NWGLN lines +2-5 on mere £250m supply. Continued signs of weakness in some £ deals/secondary might be reflecting the recent run of outflows we've seen for it. Its been sheltered from any noticeable impact on secondary (best performing at -27bps YTD) on Feb/March supply that continues to run well below recent years.
  • $IG looks to be holding a tad firmer, prints ~+1bp wider, while equities are flat.
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