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CREDIT UPDATE
  • €IG is skewed wider but not to extent of $IG's +2bp close yesterday - we see less than 1bp move wider.
  • Movers on either end remain the same from the morning; Saur (French Water Utility name) +60-70bps wider (Euro only issuer) on double neg. rating action late yesterday. Thames (Opco Snr) was holding firmer today (single digit widening) but has moved well wider into the afternoon pointing to +6-40bps close. We saw some signs of continued tightening in Aroundtown Snr's, Bayer & Auto curves.
  • US equities have moved higher, looking past the +6bp move in rates. Belly bunds end a more muted +2.5bps with Stoxx -0.8% and iTraxx +1.2/+4bps - both in reaction to last night's US risk-off. We didn't see any major equity movers among credit names today.
  • Supply expectations have stayed muted for both regions next week.
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