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EUR Market Wrap


• 2y/10y bunds ended -3bp/-6bp after bunds and gilts held onto the majority of their post- UK CPI gains before tightening further into the close in line with USTs.

• Main/XO tightened 0.7bp/3.3bp, underperforming CDX IG/HY by 0.4bp/0.7bp. €IG/€HY cash ended -1.2bp/+1.5bp.

• SXXP ended +0.4% with most sectors in the green (Media, Tech, Retail all +1%) though Food & Bev underperformed at -0.4% with the 7% loss at Heineken partially offset by the 7% gain at Coca-Cola HBS.

• Up today we have:

Time C Event

07:00 UK GDP, IP, Gov't Spending, Trade Data etc.

08:00 SP CPI

08:00 EC ECB's Lagarde

08:30 SP ECB's Hernandez de Cos

09:00 IT Trade Balance, Gov't Debt

10:00 EC EU Commission Economic Forecasts

12:00 EC ECB's Lane

13:00 UK BOE's Megan Greene

13:30 US Jobless/Continuing Claims, Empire Manufacturing, Retail Sales, Trade

13:50 UK BOE's Catherine Mann

14:15 US IP/Capacity Utilisation/Manufacturing Production

15:00 US Business Inventories, NAHB Housing Market Index

18:00 EC ECB's Nagel

18:15 US Fed's Waller

Curncy Bond Type Issuer Rank Ticker B'mark Amount (bn) Spread (bp) Δ IPT (bp) BBG NIC (bp) Cover (x)
EUR TelCo VERIZON COMMUNICATIONS Sr Unsecured VZ 3 1/2 06/28/32 MS 1.00 90 35 -4.4 2.3
EUR TelCo VERIZON COMMUNICATIONS Sr Unsecured VZ 3 3/4 02/28/36 MS 1.00 108 37 1.8 3.4
EUR Services ALD SA Sr Preferred ALDFP 3 7/8 02/22/27 MS 1.00 105 23 8.7 2.4
GBP Utilities EASTERN POWER NETWORKS Sr Unsecured UKPONE 5 3/8 02/26/42 B 0.35 87 21 N/A 5.4

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