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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT PRE-MARKET
- Main/XO opened tighter and traded broadly sideways, briefly rising above yesterday’s close before tightening into the close today to end -0.8bp/-4bp, outperforming US equivalents by 0.6/5.6bps DoD.
- €IG Corp supply came in at €2.25bn across 3 Electric Utilities issuers (EDP, ESP and ELIA) with a total cover of 4.1x and an average ΔIPT of 44.6bp. €IG FIG supply came in at €8.05bn (€0.5bn AT1, €1.5bn T2, €1bn SNP, €2.25bn SP, €1.3bn Covered, €1.5bn Insurance).
- Of particular note was Credit Mutuel Arkea’s postponement of a 12yr €500mn T2 deal despite already tightening from IPT to final terms by 10bps - we note the two other T2 deals yesterday averaged 36bps of tightening while the four T2 deals so far this year have averaged 32bps.
- Bunds opened cheaper and traded in a 4bp range for most of the session, tightening to intraday lows around 3pm as some larger corporate/SSA deals priced before rewidening into the close as crude prices found a base (+ $1.30) and pricing headlines slowed. The curve sat 5-6bps higher with swaps broadly in line and 10y BTPs 2.3bps tighter.
- Today we have French industrial/manufacturing production data at 07:45, Italian retail sales at 09:00, US mortgage applications at 12:00 and US wholesale inventories at 15:00. The ECB’s Guindos/Schnabel/de Cos speak at 08:20/14:00/19:30 followed by the BOE’s Bailey at 14:15 and the Fed’s Williams at 20:15.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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