Free Trial

EU Close

CREDIT UPDATE
  • €IG looks net flat, Thames Water led the widening (again) with 27's falling -3pts to €88 - the biggest single session fall since the troubles started 2 weeks ago - the Opco Snr line which is still rated rated IG is spread at +600bps now.
  • Supply linked movers included BAT (+5-9bps) & PVH 27s (+9bps) - both giving double digit NIC's on their deals today.
  • Notable tightening from PBB (-20-30bps), sporadic mix of lines tightening outside it.
  • Relatively low vol for equities; €IG basket ends -0.4%, in broad based but sub 1% sector falls.
  • $IG had a strong session yesterday (-2.1bp close) but that looks short-lived; similar to Thursday risk-off has hit US equities (SPX -0.3%), and $IG spreads have reversed unch to wider on it.
  • Bunds end -6bps in the belly on a slow move lower that has been matched in US rates. US March CPI & Fed Minutes come tomorrow.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.