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CREDIT UPDATE
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  • €IG is pointing to slight skew tighter led by normal high-beta RE (Heimstaden Bostad, Aroundtown, CPI) alongside Balder (unch to -12bps) who was pricing 4-part supply in SEK today. Wideners are Thames (+9-40), AXA 30/33s (+5-6) on €750m 10Y supply, Medtronic (unch to +4) on 5-30Y 4-tranche supply & VFC (unch to +4) on continued post-earnings drag.
  • Local macro was quiet, inflation expectations & ECB speak not moving rates and not significant for our macro desk. May conference board consumer confidence in US was firm. Rolling CPI starts tomorrow, Germany states at 9am London & national at 1pm.
  • Primary was heavily fin skewed, which included 3 €1b+ single line deals today - it might be doing the leg work to this weeks supply expectations. There are some corp mandates out; ISS Global, Medtronic, Enel & Bertrand in HY.
  • €IG basket ends -0.2%, cons. staples was only sector move (-1.2%) & in single names Flutter down -7% the main lagger.
  • No clear direction in $IG into midday, 5 issuers in their primary.
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  • €IG is pointing to slight skew tighter led by normal high-beta RE (Heimstaden Bostad, Aroundtown, CPI) alongside Balder (unch to -12bps) who was pricing 4-part supply in SEK today. Wideners are Thames (+9-40), AXA 30/33s (+5-6) on €750m 10Y supply, Medtronic (unch to +4) on 5-30Y 4-tranche supply & VFC (unch to +4) on continued post-earnings drag.
  • Local macro was quiet, inflation expectations & ECB speak not moving rates and not significant for our macro desk. May conference board consumer confidence in US was firm. Rolling CPI starts tomorrow, Germany states at 9am London & national at 1pm.
  • Primary was heavily fin skewed, which included 3 €1b+ single line deals today - it might be doing the leg work to this weeks supply expectations. There are some corp mandates out; ISS Global, Medtronic, Enel & Bertrand in HY.
  • €IG basket ends -0.2%, cons. staples was only sector move (-1.2%) & in single names Flutter down -7% the main lagger.
  • No clear direction in $IG into midday, 5 issuers in their primary.