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EUR Market Wrap

CREDIT UPDATE
  • Main/XO are sitting -1.8bp/-7.6bp, outperforming equities which are broadly flat, as iTraxx continues to reverse the widening seen at the start of the year with YTD moves back down to +2.5bp/+16bp. iTraxx SR/Sub Fins are both outperforming at -2.1bp/-3.9bp.
  • €IG/€HY are indicating +0.4bp/-4bp despite another day of heavy supply with Cons Disc and Healthcare outperforming slightly in €IG and Energy outperforming in €HY. Swap spread moves imply cash bonds may have tightened further versus cash govies.
  • EGBs are trading marginally richer with 10y bunds -3bp but the short-end largely flat after the de Guindos speech did not prompt meaningful market moves (nor did Villeroy’s comments last night). BTP spreads have tightened 1-3bps having passed yesterday’s syndication pressure.
  • SXXP is trading flat on the day with growth stocks and mid-caps slightly underperforming at -0.3%. VSTOXX is slightly lower at 13.3 (-2.1 WoW). The IR-sensitive Real Estate sector is the notable performer today at +1% though OIS-pricing of 2021 cuts is broadly flat at 141bps - we note Vonovia as the strongest performer at +2.35% after they yesterday announced a mandate for a maiden GBP bond (12y), a clear sign of movement towards diversifying their funding strategy and potentially limiting the need for asset sales.
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