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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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Free AccessEUR MARKET WRAP
- EGB opened wider and traded sideways yesterday post-BOJ amidst sparse headline flow before selling-off from 2pm onwards after weaker-than-expected EZ consumer confidence did little to reduce pressure. 2y/10y bunds ended +2.5bp/+6bp.
- All of yesterday’s deals came from FIGs with four bank deals (€1.1bn SP, €0.5BN T2), a €0.65bn Insurance deal, €100mn from Other Financial and €3.25bn in Covereds. Deals performed well, particularly the Ibercaja Sr Pref tightening 45bps with cover of ~10x.
- Main/XO moved +1.3/6.1bp with MoM moves now +1.3bp/13bp. €IG/€HY ended -0.6/-6.6bp with Fins broadly in line with Corps despite the supply tilt. AAA bonds were the only bucket to widen while B bonds are now 1.5% tighter over the past 3m. Insurance (Sr) was the only IG sector ending wider, at +0.7bp.
- SXXP ended -0.3% with defensives underperforming at -1% while the IBEX declined -1.1%. Real Estate and Basic Resources were the biggest movers at -1.3%/+1.9% though it was VW that grabbed headlines at +5.4% after an analyst call suggesting Q4 was in line and the current environment mightn’t be as bad as believed.
- Asian equities are mixed today with Japanese equities lower after PMI’s showed a modest decline in manufacturing and an even stronger service sector. In the US, Trump won in New Hampshire, now two states for two. SXXP futures are +0.4% DoD.
- Up today we have:
Time | C | Event |
08:15 | FR | HCOB France PMI |
08:30 | GE | HCOB Germany Flash PMIs |
09:00 | EC | HCOB Eurozone Flash PMIs |
09:30 | UK | S&P Global UK Flash PMIs |
11:00 | UK | CBI Business Optimism/Selling Prices/Total Orders |
12:00 | US | MBA Mortgage Applications |
14:45 | US | S&P Global US Flash PMIs |
Curncy | Type | Issuer | Exp Rating | Rank | Ticker | B'mark | Amount (bn) | Spread (bp) | Δ IPT (bp) | BBG NIC (bp) | Cover (x) |
EUR | Banks (Sr Pref) | IBERCAJA BANCO SA | BBB- | Sr Preferred | CAZAR 4 3/8 07/30/28 | MS | 0.50 | 165 | 45 | N/A | 9.8 |
EUR | Banks (Sr Pref) | OTP BANK NYRT | BBB- | Sr Preferred | OTPHB 5 01/31/29 | MS | 0.60 | 230 | 30 | N/A | 1.9 |
EUR | Banks (T2) | JYSKE BANK A/S | BBB | Subordinated | JYBC 5 1/8 05/01/35 | MS | 0.50 | 250 | 30 | N/A | 4.5 |
EUR | Insurance (Secured) | NEW YORK LIFE GLOBAL FDG | AAA | Secured | NYLIFE 3.45 01/30/31 | MS | 0.65 | 80 | 28 | 10 | 1.8 |
EUR | Banks (Sr Unsec) | B2 IMPACT ASA | BB- | Sr Unsecured | BTWO Float 01/30/28 | FRN | 0.10 | 500 | 63 | N/A | 4.0 |
EUR | Covered (Banking) | COOPERATIEVE RABOBANK UA | AAA | Secured | RABOBK 3.064 02/01/34 | MS | 1.50 | 37 | 6 | -2.6 | 2.0 |
EUR | Covered (Banking) | HAMBURG COMMERCIAL BANK | AA- | Secured | HCOB 3 5/8 01/30/26 | MS | 0.50 | 73 | 10 | N/A | 8.0 |
EUR | Covered (Banking) | SOCIETE GENERALE SFH | AAA | Secured | SOCSFH 3 02/01/27 | MS | 1.25 | 20 | 7 | -6.4 | 2.0 |
Total | 5.60 | 169 | 27 | 0.3 | 4.3 |
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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.