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EUR Market Wrap

CREDIT UPDATE
  • Bunds have moved away from intraday richest levels but remain 1-3bps firmer across the curve – our DM team note that ECB Q4 negotiated wages softened to 4.5% (vs 4.7% prior), but markets were unmoved given the lagging nature of the indicator.
  • Main/XO are +0.5bp/+3.8bp while FICM is indicating €IG/€HY cash is flat/+1bp with Healthcare outperforming within €IG with the Bayer curve up to 20bps tighter in places as flagged.
  • We see seven EUR deals in the market today (incl. one covered, two FIG, one hybrid) with continued strong demand – we note the Coca-Cola HBC and SEB T2 coming in with guidance/final spread 5bps tight of where we saw FV.
  • SXXP is -0.1% with gains of 1.9% in Chemicals (led higher by Air Liquide as flagged) offsetting losses of 1.3% in Tech (looks broad-based, Logitech is the only tech stock in the green).
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