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EU Morning Wrap; Pausing For Breath

CREDIT PRE-MARKET
  • 2y/10y bunds ended Friday +6bp/+4bp with the short-end now >40bps higher YTD – our DM team flag firmer-than-expected UK retail sales, hawkish Fed-speak and Schnabel's cautious remarks as feeding through on Friday.
  • Main/XO tightened 1bp/6bp outperforming CDX IG/HY by 2bp/11bp with both now below year-end levels. €IG/€HY cash tightened 1.5/6.5bp to end the week -5bp/-21bp. Short-end spreads outperformed by ~3bp WoW while Energy/Cyclicals outperformed, tightening by > 5bp vs. 2bp for Tech bonds.
  • SXXP ended +0.6% with Basic Resources +2.3% in a broad-based gain, while Utilities underperformed at -0.5%. NIBE Industrier fell 13% on a weak outlook for heat pump demand.
  • China Mainland equities reopened today but failed to deliver on expectations of a push higher. Mainland stocks outperformed Hong Kong equities, which gave up gains from last week. Regional Asia Equities are mostly higher today, after a slow start this morning, with South Korea outperforming. The BBG Asia index 0.29% higher.
  • No significant data releases up today and only Forvia (FRVIA FP) and ICADE (ICAD FP) due to report results in EuroIG world. Temenos (not a credit constituent) reports tonight.

Friday's primary issuance:

Bond Type

Issuer

Exp Rating

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

REIT

KLEPIERRE SA

BBB+

LIFP 3 7/8 09/23/33

MS

0.60

130

35

1bp

4.8

Services

SECURITAS TREASURY IRELA

BBB

SECUSS 3 7/8 02/23/30

MS

0.50

115

43

5bp

3.5

Utilities

UNITED UTILITIES WAT FIN

A-

UU 3 3/4 05/23/34

MS

0.65

110

30

N/A

3.8

Grand Total

1.75

118

36

3bp

4.1

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