CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds ended 2-3bps cheaper with regional headline flow light in the wake of the hawkish FT interview from Schnabel and the below consensus German IP print (with upward revisions).
  • Main/XO widened 0.7bp/1.8bp with the level of compression at 270bps (+17bp YTD) while iTraxx Sub Fins ended -0.4bp (+9bp YTD vs. +4bp for SR Fins). €IG/€HY ended +0.4bp/-0.9bp with BB bonds outperforming at -4bp and Banks/Pharma widening by ~1bp within €IG.
  • SXXP ended 0.2% lower in another flat session (VSTOXX -1.2 WoW to 13.6) with TelCos (weighed upon by a Vodafone equity downgrade) and Energy (weighed upon by Equinor/TotalEnergies earnings) underperforming with losses of over 1%.
  • China inflation was below expectations, likely to fuel further easing expectations. China equity sentiment has been mixed, capping a volatile week before the LNY. The RBA revised down its growth and inflation outlooks for 2024 in its Feb Statement. SXXP futures flat DoD.
  • Up today we have:

Time C Event

09:00 EC ECB Publishes Economic Bulletin

11:00 EC ECB's Vujcic

12:00 EC ECB's Wunsch

13:30 US Fed's Barkin

13:30 US Jobless/Continuing Claims

15:00 UK BOE's Catherine Mann

15:00 US Wholesale Trade Sales & Inventories

15:30 EC ECB's Lane

17:05 US Fed's Barkin


Curncy

Bond Type

Issuer

Exp Rating

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

TelCo

KONINKLIJKE KPN NV

BBB

Sr Unsecured

KPN 3 7/8 02/16/36

MS

1.00

117

38

32.1

4.9

EUR

Covered (Local Authority)

LB BADEN-WUERTTEMBERG

AAA

Secured

LBBW 3 02/16/34

MS

0.50

34

4

4.7

2.5

EUR

Covered (Banking)

DBS BANK LTD

AAA

Secured

DBSSP 3.2087 08/19/26

MS

1.00

29

7

3.5

3.4

EUR

Retail

ALIMENTATION COUCHE-TARD

BBB+

Sr Unsecured

ATDBCN 3.647 05/12/31

MS

0.70

100

40

N/A

6.7

EUR

Retail

ALIMENTATION COUCHE-TARD

BBB+

Sr Unsecured

ATDBCN 4.011 02/12/36

MS

0.65

130

40

N/A

7.8

EUR

Chemicals

LINDE PLC

A

Sr Unsecured

LIN 3.2 02/14/31

MS

0.85

55

33

2.6

2.6

EUR

Chemicals

LINDE PLC

A

Sr Unsecured

LIN 3.4 02/14/36

MS

0.70

75

33

15.5

1.9

EUR

Chemicals

LINDE PLC

A

Sr Unsecured

LIN 3 02/14/28

MS

0.70

35

35

-1.9

2.1

EUR

Investment Companies (Sr Unsec)

EXOR NV

A-

Sr Unsecured

EXOIM 3 3/4 02/14/33

MS

0.65

115

35

12.6

2.8

Grand Total

6.75

77

29

9.9

3.8

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