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CREDIT UPDATE
  • €IG looks skewed wider led by GSK (+4-10) on unfavourable legal ruling for Zantac litigation, EP Infrastructure (+5-8) & the 2-corp issuers; VW (unch to +4) on €2.25b/3-part & PM (unch to +4) on a €500m line. Financial skewed supply seemed to have little impact on their secondary curves. Tightening was led by PBBFR short-end Snr Prefs (-10-20) after it announced a tender on some lines this morning.
  • Bunds are -9bps in the belly reversing last weeks sell-off on support from still contractionary manufacturing May PMIs (in line with consensus) with particular weakness in Italy. That has been reiterated in ISM misses this afternoon, weakness in new orders & manufacturing, while employment turned expansionary for the fist time since Sept '23. A 3.6% fall in WTI is helping - move is on OPEC announcing it will begin unwinding some parts of the current cuts in production from Sep onwards.
  • €IG equity basket is flat, dragged on by Energy (-1.3%) & all other sectors sub 1%. Single name movers were Tritax Eurobox (+11%) on headlines Brookfield may make an offer, VF (+4.4%) continuing positivity after lululemon CPO was poached for the head of Vans, GSK (-9.5%) on above legal troubles & Solvay (-5.4%) news agnostic on our side.
  • 13 $IG issuers in primary, spreads look weaker into their midday. A large line-up of mandates locally remain (see supply run above) & should keep our primary busy/front-loaded into weekly expectations.
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