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EUR MARKET WRAP

CREDIT UPDATE
  • Bunds are 2-3bps richer after an initial pullback from best levels lost steam - the morning's firmness coming from the dovish RTRS ECB sources piece overnight, alongside follow-through from a soft Tokyo CPI and solid demand at last night's 7Y UST auction.
  • Main/XO are -1bp/-3.5bp in a relatively low vol morning for the indices with Main now flat YTD and XO just 7bps higher. FICM showing €IG/€HY -0.5/+0.5bp with Healthcare outperforming at -1bp as Satorius and Lonza bonds outperform as flagged.
  • SXXP is +0.9% with Tech at -1% and TelCo’s -0.5% after Telia retreated 3.5% on missed FCF guidance though their EUR spreads are streaming muted with <0.5bp of widening at most maturities.
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