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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds ended 2-3bps wider across the curve – our DM team flagged OIS pricing moves towards 120bps of 2024 cuts as the smallest amount of easing priced for the year since November despite Lane’s rhetoric broadly in line with previous comments.
  • Main/XO ended -0.3bp/-1.9bp, matching CDX IG/HY, with iTraxx Sr/Sub Fins outperforming slightly. €IG/€HY cash tightened 0.3bp/5.1bp with short-dates €IG spreads extending their outperformance at -1bp while €IG Energy outperformed at -1.6bp.
  • SXXP ended -0.1% - biggest mover was healthcare at -1.9% (after Astrazenaca and Sobi closed -6.4% and -8% on poor earnings) offset by >1% gains in Autos (broad-based) and Tech (Adyen +21% on very strong earnings) .
  • The Asian session has been subdued given the start of the LNY holidays. SXXP futures are flat DoD ahead of the European open.
  • Up today we have:

Time C Event

07:00 GE CPI

07:45 FR Wages

09:00 IT Industrial Production

10:30 EC ECB's Nagel

13:30 US US CPI Revisions (“from 0830ET”)

14:15 EC ECB's Cipollone

18:30 US Fed's Logan



Curncy

Bond Type

Issuer

Rank

Ticker

B'mark

Amount (bn)

Spread (bp)

Δ IPT (bp)

BBG NIC (bp)

Cover (x)

EUR

Autos

FORD MOTOR CREDIT CO LLC

Sr Unsecured

F 4.445 02/14/30

MS

1.00

175

38

N/A

N/A

EUR

Banks (Sr Bail-In)

SVENSKA HANDELSBANKEN AB

Sr Non Preferred

SHBASS 3 3/4 02/15/34

MS

0.75

110

30

N/A

2.0

EUR

Covered (Banking)

BANCO SANTANDER TOTTA SA

Secured

SANTAN 3 1/4 02/15/31

MS

1.00

67

6

-34.9

2.5

EUR

Covered (Banking)

BPCE SFH - SOCIETE DE FI

Secured

BPCECB 3 02/20/29

MS

1.50

36

8

-0.2

2.2

EUR

Covered (Banking)

BPCE SFH - SOCIETE DE FI

Secured

BPCECB 3 1/8 02/20/36

MS

0.75

51

5

4.3

2.1

EUR

Covered (Banking)

ING BELGIUM SA

Secured

INGB 3 02/15/31

MS

1.00

38

7

N/A

1.5

Grand Total

6.00

80

16

-10.3

2.1

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