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EUR Market Wrap

CREDIT PRE-MARKET


  • EGBs tightened in early trading after bullish impulses drawn from solid demand at the 7yr UST auction, soft Tokyo CPI and a dovish RTRS ECB sources piece. Yields moved higher over the session with ECB speak the likely driver on comments from the hawkish wing of the ECB GovCo.
  • Primary was again muted Friday with just two HY deals and a covered deal. €IG/€HY tightened 2.6bp/8.2bp bringing WoW moves to -6.3bp/-14bp. B-rated bonds tightened 35bp WoW while longer spreads tightened 1-2bps vs. the 1-3yr segment though short-end spreads still outperform YTD.
  • Main/XO ended -0.6/-2.2bps while CDX ended broadly flat with iTraxx now underperforming by 2bp/10bp YTD. iTraxx SR Fins is perfectly in line with Main YTD though Sub Fins have outperformed by 2bp.
  • SXXP ended +0.6% with strong gains in Consumer Products of +6% driven by the luxury sector as flagged during the session. Tech and Utilities underperformed, both -0.8%, after Intel guidance disappointed and RWE plunged on a weaker outlook.
  • Overnight we had had news of US soldiers killed in Jordan, reportedly by Iranian backed militia. There wasn't much spill over though, with UST futures reversing an opening spike. Asian equities are broadly higher though China underperforms after a HK court ordered China Evergrande to be wound up. SXXP futures -0.2%.
  • Up today we have:

Time

C

Event

07:35

EC

ECB's Guindos

13:10

EC

ECB's Guindos

14:30

US

Dallas Fed Manf. Activity

Curncy

Bond Type

Issuer

Exp Rating

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

Commercial Services

KAPLA HOLDING SAS

B+

Secured

KILOTO Float 07/31/30

FRN

0.65

350

N/A

N/A

N/A

EUR

Covered (Finance Companies)

JYSKE REALKREDIT A/S

AAA

Secured

JYKRE 3 04/01/31

MS

0.75

41

7

N/A

4.1

EUR

Cable & Satellite

UNITED GROUP BV

B

Secured

ADRBID Float 02/01/29

FRN

0.48

4

421

N/A

N/A

Grand Total

1.88

132

214

N/A

4.1

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