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Bund yields closing 4bp tighter rounding out a strong week. NFP brought volatility with a decent beat, but lower revisions and softer wage growth tempered the move.

Stocks traded marginally higher in the US with SPX +0.5%, flat in Europe.

IG Cash closes ~1bp tighter with no IG primary. Main/XO close ¼.4 tighter.

Primary saw Tier2 supply today from MPS, but sub IG rated.

  • SMDSLN rallied 8-17bp with the Mondi all share takeover agreed in principle. Bonds converging to MNDILN with the deal close to done. ENGIFP closes 2-7 tighter, recovering recent primary induced weakness. Real Estate was the best performing sector. AALLN downgrade met no reaction.
  • In HY SFRFP dropped 0.5-1.5pts on news of a France corruption probe. Altice had been a strong performed this work after announcing a front end tender. GRFSM rallied 1-2pts after their accounts were signed off unqualified by auditor KPMG.
  • Fins had a strong session with PBBGR and AARB continuing to tighten and drive sentiment. NYCB capital injection helping in the space.
  • Other tickers bulleted today: VIVFP INFLN NYCB MONTE TITIM UCBBB FINPOW LDOIM AALLN
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