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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds look set to close +3bp/+6bp at 2.09%/2.38% but off intraday cheapest levels- DM team flagged continued presence of French political and fiscal risks initially weighing on bonds while a bid in oil and TTF prices has had a modest hawkish readthrough for EUR STIRs.
  • SXXP/SPX are +0.6%/-1.2% at 507pts/5967pts. €IG's biggest risers/fallers include Neste Oyj (+5%), NIDEC CORP (+4%), Worldline SA/France (+4%), UPM-Kymmene Oyj (+4%), Nissan Motor Co Ltd (-8%), Netflix Inc (-3%), Covestro AG (-3%).
  • Main/XO are closing -0.2bp/-1bp at 56.3bp/309bp. Cash looks slightly wider but broadly muted; not seeing much in the way of sectoral divergence. 
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  • 2y/10y bunds look set to close +3bp/+6bp at 2.09%/2.38% but off intraday cheapest levels- DM team flagged continued presence of French political and fiscal risks initially weighing on bonds while a bid in oil and TTF prices has had a modest hawkish readthrough for EUR STIRs.
  • SXXP/SPX are +0.6%/-1.2% at 507pts/5967pts. €IG's biggest risers/fallers include Neste Oyj (+5%), NIDEC CORP (+4%), Worldline SA/France (+4%), UPM-Kymmene Oyj (+4%), Nissan Motor Co Ltd (-8%), Netflix Inc (-3%), Covestro AG (-3%).
  • Main/XO are closing -0.2bp/-1bp at 56.3bp/309bp. Cash looks slightly wider but broadly muted; not seeing much in the way of sectoral divergence.