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CREDIT UPDATE
  • €IG cash is skewed slightly wider, supply main cause of wideners; Novo +3-5, Illinois Tools +2-6 & Eaton +2-3. NICs varied but we did see mid-single digits as more common occurrence with double digits on long-end lines.
  • Supply was healthcare skewed today on Novo & J&J M&A funding. Airline supply is continuing back-to-back, Air-France struggling today pricing well wide of Lufthansa, Finnair up next with a 5Y mandate out.
  • Tightening was led by DePfa lines (-23-100bps) on positives in 1Q earnings for credit (see above). Aroundtown 27/28s also bid-4-7 in - rates agnostics moves again from the REIT.
  • Bunds end +4bps. Limited reaction to this morning’s UK labour market data but it followed a Gilt sell-off later in the morning after BoE chief economist Pill suggested rate cuts may be considered in the summer. US macro was focused on April PPI with rates selling-off on headline beat but reversing after it digested downward revisions and less worrisome readthrough in components relevant to Fed’s preferred PCE. US April CPI comes tomorrow.
  • €IG equities ended +0.5% (SXXP +0.2%), energy the only sector down (-0.5%) and consumer the only >1% gainer - latter on firm auto & retail moves. iTraxx following cash today, +0.3/+2.5 wider.
  • $IG is not giving much direction as their primary stays open for another 6 issuers. US equities flat are flat into midday as well.
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