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CREDIT UPDATE
  • €IG is again net flat (<1bp move). Single name sell-offs on news took a (welcome) pause yesterday but has been short lived - Maersk ending +9-16bps (down from wides in the morning) after a ship it chartered caused a Baltimore bridge collapse - an exaggerated move vs. equities (-2.7%) but it is a name that has screened tight to us.
  • The waterway is expected to have disruptions to shipping to the port of Baltimore (bbg reporting its the largest port for handling car & trucks in the US). VW was quick to clarify its facility in Baltimore is outside/south of the the collapsed bridge, our commodities team sees little impact & noting LNG terminals are also outside the bridge.
  • Other movers was Heimstaden (+7-13) continuing its reversal wider, DB SNP's (+1-4) on €1b of 6yr supply & Prosus (-2-9bps) continuing recent rally tighter.* £IG is skewed firmly wider for 2nd straight session (+2.1bps yesterday) led by Llyods (+2-4) on £500m of 6.5yr supply.
  • Low vol in equities, €IG basket end +0.5% (SXXP +0.3%) on broad based but sub 1% gains led by financials (+0.8%).
  • $IG is moving wider into midday, equities trading sideways (+0.2%), CDX little changed.
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