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EUR Market Wrap

CREDIT PRE-MARKET

{EU} Market Wrap

  • Bunds moved 6-7bps cheaper across most maturities with dovish ECB-speak the key driver of the day’s extension in rate cut expectations.
  • Main/XO ended +0.8bp/+4.3bp, underperforming US equivalents by 1.3bp/8.2bp and bringing Main above year-end levels. €IG cash ended flat though the BBG €HY index shows a print notably wider (+18bp Z-Spread/OAS, +9bp Spread To Benchmark).
  • SXXP ended +0.2% led by spin-off news at Holcim and earnings at Ryanair with underperformance from Philips alongside an adverse court decision on Abertis hitting ACS hard in afternoon trade. By sector, energy led (+0.9%) with banks (-0.5%) and comms (-0.9%) dragging.
  • China/HK equities have been under pressure, with concerns putting Evergrande into liquidation will set a dangerous precedent for the rest of China's troubled property names. USTs extended yesteday’s tightening move overnight after the US Treasury cuts its borrowing estimate. SXXP futures are +0.4% DoD.
  • Up today we have:

Time C Event

06:30 FR Consumer Spending

06:30 FR GDP

08:00 SP GDP

08:00 SP CPI

09:00 IT GDP

09:00 GE GDP

09:00 EC ECB's Vujcic, Lane

09:30 UK Consumer Credit, Mortgages, Money Supply

10:00 EC Cons/Eco/Ind/Services Confidence

10:00 EC GDP

10:00 IT PPI

12:30 EC ECB's Vasle

14:00 US FHFA House Price Index

14:00 US S&P CoreLogic CS

15:00 US Conf. Board

15:00 US JOLTS Job Openings

15:30 US Dallas Fed Services Activity

15:30 EC ECB's Nagel

Curncy

Bond Type

Issuer

Exp Rating

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

Banks (Sr Pref)

ICCREA BANCA SPA

BB+

Sr Preferred

ICCREA 4 1/4 02/05/30

MS

0.50

180

45

N/A

6.5

EUR

Autos

BMW US CAPITAL LLC

A

Sr Unsecured

BMW 3 11/02/27

MS

1.00

45

35

N/A

2.9

EUR

Autos

BMW US CAPITAL LLC

A

Sr Unsecured

BMW 3 3/8 02/02/34

MS

1.00

78

37

N/A

3.6

EUR

Engineering & Construction

PORR AG

NR

Jr Subordinated

POSAV 9 1/2 PERP

B

0.14

N/A

N/A

N/A

2.0

EUR

Banks (Sr Unsec)

MITSUBISHI HC CAP UK PLC

NR

Sr Unsecured

MITHCC 3.733 02/02/27

MS

0.50

105

35

N/A

5.5

EUR

Covered (Banking)

ARKEA HOME LOANS

AAA

Secured

CMARK 3.072 02/07/34

MS

1.00

45

8

-1.3

2.4

EUR

Covered (Banking)

NATIONAL AUSTRALIA BANK

AAA

Secured

NAB 3.146 02/05/31

MS

1.25

58

8

6.2

3.2

EUR

Covered (Local Authority)

HYPO NOE LB NOE WIEN AG

NR

Secured

HYNOE 3 02/05/30

MS

0.50

51

6

2.6

2.4

Grand Total

5.89

80

25

2.5

3.6


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