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EU Credit Close

CREDIT RESEARCH
  • Bund closing 7bp tighter, yields moving lower with treasuries. Lower SPX gave a bid to rates with lower ISM services and prices paid taking the move further.
  • Stocks moved lower throughout the session with AAPL (weak China sales) driving sentiment.
  • IG Cash closes unchanged to governments in a rather low volatility session …Main/XO close +1.1/+6.3 wider.
  • Primary continues to get done with limited NIP and impact on secondary. WPPLN, TCLAU, NTT, KERFP and ORANOF all printed corporate deals while financials supply was a little more esoteric with NN RT1 gaining interest as a relatively rare instrument.
  • Earnings from HOFP, TRAGR and SHAEFF were uneventful, while BAYNGR the most anticipated. Spreads moved 3-8 tighter on better than expected cash flow, despite lower equity and a perceived soft outlook. There was disappointment for those still looking for a spin off catalyst, with management talking down the prospect in the short term at least.
  • CLNXSM moved 10-12 tighter on the back of the S&P upgrade to IG. While expected, this came a little earlier than assumed.
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