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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
- 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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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.