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EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds ended 3-4bps richer – our DM team flagged softer than expected run of Canadian CPI as the main impetus, with a fall in the US Philadelphia Fed non-manufacturing index also providing support.
  • Main/XO closed ~1bp/6bp wider, underperforming CDX IG/HY by ~1bp/7bp. €IG/€HY cash ended -1/+3.5bp with Energy/Tech the only sub-indices in wider territory.
  • SXXP sat 0.1% lower with Tech and Basic Resources both -1.8% and Chemicals +2.6% after Air Liquide rose 8.3% post-earnings.
  • The main macro story in Asia has been the sharp bounce in China and Hong Kong equities (+1.7% and +2.2%), as the authorities targeted quant funds, contributing to recent measures to stabilize the market. SXXP futures are -0.1% DoD.
  • Up today we have:


    DateGMT/LocalImpactFlagCountryEvent
    21/02/20240700/0700***UKPublic Sector Finances
    21/02/20241000/1000**UKGilt Outright Auction Result
    21/02/20241100/1100**UKCBI Industrial Trends
    21/02/20241200/0700**USMBA Weekly Applications Index
    21/02/20241300/0800USAtlanta Fed's Raphael Bostic
    21/02/20241355/0855**USRedbook Retail Sales Index
    21/02/20241400/1400UKBOE's Dhingra MNI Connect Event on BoE projections
    21/02/20241500/1600**EUConsumer Confidence Indicator (p)
    21/02/20241630/1130**USUS Treasury Auction Result for 2 Year Floating Rate Note
    21/02/20241800/1300**USUS Treasury Auction Result for 20 Year Bond
    21/02/20241800/1300USFed Governor Michelle Bowman
    21/02/20241900/1400***USFOMC Minutes
    22/02/20242200/0900***AUJudo Bank Flash Australia PMI


    Bond Type Issuer Exp Rating Ticker B'mark Amount (bn) Spread (bp) Δ IPT (bp) BBG NIC (bp) Cover (x)
    Banks (Sr Pref) BANCA IFIS SPA NR IFIM 5 1/2 02/27/29 MS 0.40 290 50 N/A 5.0
    Banks (T2) SKANDINAVISKA ENSKILDA BBB+ SEB 4 1/2 11/27/34 MS 0.50 180 30 N/A 4.8
    Consumer Staples LR HEALTH & BEAUTY SE NR LRHBSE Float 03/04/28 FRN 0.13 750 N/A N/A N/A
    Covered (Banking) BAWAG P.S.K. AAA BAWAG 3 1/8 02/27/31 MS 0.75 52 6 3bp 1.7
    Food & Bev COCA-COLA HBC FINANCE BV BBB+ CCHLN 3 3/8 02/27/28 MS 0.60 60 40 -8bp 4.3
    Insurance (Secured) ATHENE GLOBAL FUNDING A+ ATH Float 02/23/27 FRN 0.50 100 N/A N/A N/A
    Utilities ENEL SPA BBB- ENELIM 4 3/4 PERP MS 0.90 213 63 N/A 1.9
    Utilities REN FINANCE BV BBB RENEPL 3 1/2 02/27/32 MS 0.30 90 40 N/A 6.7
    Grand Total 4.08 217 38 -2bp 4.1
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