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CREDIT UPDATE
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  • No clear direction in €IG but movers are skewed to widening; Thames (unch to +30) on more headlines, Acciona (+5-7) on guidance cut, Verallia (+6) on S&P outlook revision down, Mobico (+4, news agnostic) & VF (unch to +4) continuing a post-earnings steepening. No movers to flag in our equity basket outside of Acciona (-7%) above & Maersk (+5%) on broker upgrade. It ends flat no sectors on the move.
  • €IG should end -2bps tighter on the week on financials (-4) strength, $ lagging us (+1bp) despite supply slow-down there. €HY compressed (on spreads) while $HY was flat to wider, both spreads helped on rising rates/yields.
  • Rates were sideways today, belly bunds on track to end +9bps this week on a thin macro calendar. Moves higher were on firm US May PMIs & a services led (concerningly) high April UK CPI print.
  • Early close for $ desks today, $IG looks unch to tighter, equities firmer into their midday.
  • Supply expectations (bbg) for next week in €/£ IG/HY incl. covered are at ~€16.5b down from ~€25b for this week (actual €28b). $IG at $15-$20b down from $20-25b this week (actual $26b).
  • Public holidays on Monday in UK & US, our Macro team will be covering Euro/bunds on Monday.
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  • No clear direction in €IG but movers are skewed to widening; Thames (unch to +30) on more headlines, Acciona (+5-7) on guidance cut, Verallia (+6) on S&P outlook revision down, Mobico (+4, news agnostic) & VF (unch to +4) continuing a post-earnings steepening. No movers to flag in our equity basket outside of Acciona (-7%) above & Maersk (+5%) on broker upgrade. It ends flat no sectors on the move.
  • €IG should end -2bps tighter on the week on financials (-4) strength, $ lagging us (+1bp) despite supply slow-down there. €HY compressed (on spreads) while $HY was flat to wider, both spreads helped on rising rates/yields.
  • Rates were sideways today, belly bunds on track to end +9bps this week on a thin macro calendar. Moves higher were on firm US May PMIs & a services led (concerningly) high April UK CPI print.
  • Early close for $ desks today, $IG looks unch to tighter, equities firmer into their midday.
  • Supply expectations (bbg) for next week in €/£ IG/HY incl. covered are at ~€16.5b down from ~€25b for this week (actual €28b). $IG at $15-$20b down from $20-25b this week (actual $26b).
  • Public holidays on Monday in UK & US, our Macro team will be covering Euro/bunds on Monday.