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EUR MARKET WRAP

CREDIT PRE-MARKET


  • Bunds ended flat to 1bp tighter after the firmer-than-expected flash US PMIs caused a reversal of the earlier bid which had come after European flash PMIs implied less of a dovish conclusion than the headline figures initially suggested.
  • EUR primary was notably quieter yesterday with a single FIG deal, a single Covered deal, €2.05bn from three €HY issuers. Details in the table below.
  • Main/XO ended -1.5bp/-8.5bp as the indices move back towards end-2023 levels, outperforming CDX IG/HY which ended <1bp wider. €IG/€HY tightened 0.5/2.3bp with BB underperforming at close to 1bp wider. Tobacco bonds continued to outperform as flagged (-2bp DoD, -15bp YTD) while REITs were the only sector ending wider at +0.5bp.
  • SXXP ended +1.2% with Growth and Cyclicals both outperforming at +2.4% after Tech stocks rose 5% buoyed by sentiment positive earnings news from ASML, Netflix, SAP and others.
  • China and HK equities continue to rally post yesterday's RRR cut though other indices in the region are trading flatter. Overnight, the Fed raised the BFTP rate on new loans in its and announced the programme’s termination on 11 March. SXXP futures are -0.1% after “vague” 2024 guidance while MSFT briefly touched a $3tn valuation on AI sentiment.
  • Up today we have:

Time C Event

07:45 FR Business/Manu Confidence & Outlook Indicators

08:00 SP PPI & Mortgage Data

09:00 GE IFO

11:00 FR Total Jobseekers

11:00 UK CBI Reported Sales

13:15 EC ECB Decision

13:30 US Chicago Act Index, GDP, Personal Cons, Adv Goods, Inventories, Jobless Claims

13:45 EC ECB Presser

15:00 US New Home Sales

16:00 US Kansas City Fed Manf. Activity




Curncy

Final Type

Issuer

Exp Rating

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

Auto Parts

ZF EUROPE FINANCE BV

BB+

Sr Unsecured

ZFFNGR 4 3/4 01/31/29

MS

0.80

206

50

N/A

4.1

EUR

Banks (Sr Bail-In)

BAYERISCHE LANDESBANK

A-

Sr Non Preferred

BYLAN Float 01/31/26

FRN

0.50

57

28

N/A

4.4

EUR

Covered (Banking)

MUENCHENER HYPOTHEKENBNK

AAA

Secured

MUNHYP 3 02/01/34

MS

0.50

34

7

1.7

6.8

EUR

Cable & Satellite

SUMMER BIDCO BV

B-

Sr Unsecured

ADRBID 20 3/4 02/15/29

B

0.30

N/A

63

N/A

N/A

EUR

Cable & Satellite

UNITED GROUP BV

B

Secured

ADRBID 6.749 02/15/31

B

0.30

455

50

N/A

N/A

EUR

Cable & Satellite

UNITED GROUP BV

B

Secured

ADRBID Float 02/15/31

FRN

0.65

425

38

N/A

N/A

Grand Total

3.05

235

39

1.7

5.1

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