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CREDIT UPDATE
  • €IG has held onto a skew tighter & is getting support from $IG that has gone firmly bid on a rates sell-off this afternoon - its had strong pass through to bunds that end +7 on the day.
  • Tightening was led by Thames Water (-5-13), Aroundtown (-4-8) & distressed IG issuer CPI Property (-30-70) - latter after it managed to price a 5Y (at 8.25%/G+565).
  • Laggards were SES (+4-18) on €2.8b cash acquisition of Intelsat & GM (+2-6) on only €750 6.2Y supply. T-mobile came for inaugural € supply in a 3-part - books were firmly skewed to longer end, pricing 0-5bp NIC vs. our FV's.
  • Earnings continues to generate low vol for spreads even among high beta names - crossover Air-France bonds looked past rough 1Q results this morning while equities fell 5%. Similar story in high grade names like Stellantis (equities -10%).
  • €IG equity basket ends -0.6% dragged on by autos. Falls outside it included SES (-8%), BBVA (-6.5%) & Anglo American (-4%). iTraxx finishing +1.2/+6 wider following poor US equity sentiment/CDX this afternoon.
  • $IG cash is looking past equities moving firmly tighter on support from a rates sell off - latter triggered by a hot 1Q employment cost index print; 1.2% vs. c1.0% our Eco noting it translates to the fastest annualised rate since 3Q22 at 4.8%. Fed up tomorrow.
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