CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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EUR Market Wrap

CREDIT UPDATE


  • Bunds ended 1-2bp richer after tightening in the PM - our DM team flagged solid supply absorption (Spain’s 30yr syndi in particular) and a haven bid on ongoing NYCB weakness.
  • Main/XO ended flat after opening tighter and widening through to lunch before tightening over the PM session. iTraxx Sub/SR Fins underperformed at +0.8bp/2bp. €IG/€HY cash ended flat/+3.5bp with €IG Fins underperforming €IG Corps against a backdrop of FIG-tilted supply and continued US banking concern.
  • SXXP ended +0.6% with cyclicals, growth and small caps outperforming slightly – Energy was the best performer after BP closed +5.5% post-results while Utilities ended -1% in a broad-based decline despite Orsted +2.1% ahead of today’s earnings.
  • HK and China equity gains have cooled - the market may be awaiting more details around support/rescue plans. UST yields drifted lower over the Asian session but are back to near closing levels. SXXP futures are +0.1% DoD.
  • Up today we have:

Time C Event

07:00 GE Industrial Production

07:45 FR Private Sector Payrolls

07:45 FR Trade Balance

07:45 FR Current Account Balance

08:00 SP Industrial Output/Production

08:40 UK BOE's Breeden speaks

09:00 IT Retail Sales

09:30 EC ECB's Muller

12:00 US MBA Mortgage Applications & Trade Balance

16:00 US Fed's Kugler

16:30 US Fed's Collins

17:30 US Fed's Barkin

19:00 US Fed's Bowman

20:00 US Consumer Credit

20:15 US Fed's Remache

21:30 US Fed's Nordstrom



Curncy

Bond Type

Issuer

Exp Rating

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

Banks (AT1)

JYSKE BANK A/S

BB+

Jr Subordinated

JYBC 7 PERP

B

0.30

N/A

38

N/A

4.2

EUR

Banks (Sr Bail-In)

BNP PARIBAS

A-

Sr Non Preferred

BNP 4.095 02/13/34

MS

1.50

140

38

8.3

2.4

EUR

Banks (Sr Unsec)

ING GROEP NV

A-

Sr Unsecured

INTNED 3 7/8 08/12/29

MS

1.25

125

30

21.2

3.0

EUR

Banks (Sr Unsec)

ING GROEP NV

A-

Sr Unsecured

INTNED 4 02/12/35

MS

1.25

140

30

9.8

2.5

EUR

Real Estate (Sr Unsec)

P3 GROUP SARL

BBB

Sr Unsecured

PTHREE 4 5/8 02/13/30

MS

0.60

207

43

N/A

5.0

EUR

Covered (Local Authority)

NORDDEUTSCHE LANDESBANK

AA+

Secured

NDB 2 7/8 05/14/27

MS

0.75

20

6

-0.6

2.7

Grand Total

5.65

126

31

9.7

3.3

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Credit BulletsBulletHomepagemarkets-real-timeCredit

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