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CREDIT UPDATE
  • Wideners were Thames (+10-30) (will be moved out of the index o/n), Saint-Gobain (+2-10) not taking it's 2-parter/€1.5b supply well, Mobico 31s (+4) and normal high-beta RE (CPI, Aroundtown & HEIBOS).
  • Tightening led by Raiffeisen (unch to -7), Teleperformance (-3-5) and Lufthansa (unch to -3) - all 3 coming out of earnings. Net we look skewed slightly tighter.
  • Movers in €HY were ENGIM 26/28s (-1-2pts) and the IPFLN 29s (+1.5pts). Auchan was mixed but ends unch to +20bps (up to -0.4pts) reversing some of yesterday's gains.
  • Large vol in £IG; Southern Water +17-40bps after Moody's placed it on review for downgrade (at Baa3 right now) yesterday. It seems to have dragged other regional water utils with it; Thames, Yorkshire, Wessex, Severn Trend and Northumbrian all taking a step wider. Burberry 30s +7 and amongst them.
  • €IG equities end +0.2% vs. SXXP +0.8%. Only sectors on the move were IT (+1.5%) - which is helping SPX up +1.7% - and energy +1.3% (WTI +2.5%). Single name movers were insurer Scor (-6%), Altria (-5%), BrogWarner (+9%) and Teleperformance (+9%) - all coming out of earnings.
  • Rates end -3bps in the belly, Eurozone inflation continuing to indicate some stickiness but growth data keeping rates tame. US data was tad weaker in the afternoon on ADP, qtrly US treasury refunding plans not doing much to USTs (-2.5bps).
  • iTraxx -1/-4.5 following US equity sentiment and CDX. $IG not giving clear direction.
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