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• Bunds bear-flattened with the curve 5-8bps cheaper while OIS pricing for 2024 cuts fell to just 104bps – our DM team noted muted headline flow though selling $IG issuance likely factored into the rates moves. The reaction to the FOMC minutes seems muted and appears to have cantered on policy maker concern of cutting rates too soon.
• Main/XO ended -0.7bp/-3.2bp, outperforming CDX IG/HY by 0.3bp/2.5bp and bringing the Main vs. CDX IG and XO vs. CDX HY spreads to just 2bp and 13bp respectively.
• SXXP ended -0.2% with Banks -1.1% with HSBC (-8.4%) weighing on the sub-index in the wake of earnings. Autos rallied 1.6% with most stocks in the green and Forvia outperforming at +9% (though still -14% from Friday’s close).
• It has been a quieter day for China and Hong Kong equities, but the post lunch time trend has been positive. SXXP futures are +0.4% DoD.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 22/02/2024 | 0630/0630 | UK | BOE's Greene, Kroll South Africa breakfast | ||
| 22/02/2024 | 0745/0845 | ** | FR | Manufacturing Sentiment | |
| 22/02/2024 | 0815/0915 | ** | FR | S&P Global Services PMI (p) | |
| 22/02/2024 | 0815/0915 | ** | FR | S&P Global Manufacturing PMI (p) | |
| 22/02/2024 | 0830/0930 | ** | DE | S&P Global Services PMI (p) | |
| 22/02/2024 | 0830/0930 | ** | DE | S&P Global Manufacturing PMI (p) | |
| 22/02/2024 | 0900/1000 | ** | IT | Italy Final HICP | |
| 22/02/2024 | 0900/1000 | ** | EU | S&P Global Services PMI (p) | |
| 22/02/2024 | 0900/1000 | ** | EU | S&P Global Manufacturing PMI (p) | |
| 22/02/2024 | 0900/1000 | ** | EU | S&P Global Composite PMI (p) | |
| 22/02/2024 | 0930/0930 | *** | UK | S&P Global Manufacturing PMI flash | |
| 22/02/2024 | 0930/0930 | *** | UK | S&P Global Services PMI flash | |
| 22/02/2024 | 0930/0930 | *** | UK | S&P Global Composite PMI flash | |
| 22/02/2024 | 1000/1100 | *** | EU | HICP (f) | |
| 22/02/2024 | 1100/0600 | *** | TR | Turkey Benchmark Rate | |
| 22/02/2024 | 1330/0830 | *** | US | Jobless Claims | |
| 22/02/2024 | 1330/0830 | ** | CA | Retail Trade | |
| 22/02/2024 | 1445/0945 | *** | US | IHS Markit Manufacturing Index (flash) | |
| 22/02/2024 | 1445/0945 | *** | US | S&P Global Services Index (flash) | |
| 22/02/2024 | 1500/1000 | *** | US | NAR existing home sales | |
| 22/02/2024 | 1500/1000 | * | US | Services Revenues | |
| 22/02/2024 | 1500/1000 | US | Fed Vice Chair Philip Jefferson | ||
| 22/02/2024 | 1530/1030 | ** | US | Natural Gas Stocks | |
| 22/02/2024 | 1600/1100 | ** | US | DOE Weekly Crude Oil Stocks | |
| 22/02/2024 | 1600/1100 | ** | US | Kansas City Fed Manufacturing Index | |
| 22/02/2024 | 1630/1130 | * | US | US Bill 08 Week Treasury Auction Result | |
| 22/02/2024 | 1630/1130 | ** | US | US Bill 04 Week Treasury Auction Result | |
| 22/02/2024 | 1800/1300 | ** | US | US Treasury Auction Result for TIPS 30 Year Bond | |
| 22/02/2024 | 2015/1515 | US | Philly Fed's Pat Harker | ||
| 22/02/2024 | 2200/1700 | US | Minneapolis Fed's Neel Kashkari | ||
| 22/02/2024 | 2200/1700 | US | Fed Governor Lisa Cook |
| Bond Type | Issuer | Exp Rating | Ticker | B'mark | Amount (bn) | Spread (bp) | Δ IPT (bp) | BBG NIC (bp) | Cover (x) |
| Banks (Sr Unsec) | ORIX CORP | A- | ORIX 3.78 05/29/29 | MS | 0.50 | 100 | 35 | N/A | 3.9 |
| Capital Goods | EPIROC AB | BBB+ | EPIBSS 3 5/8 02/28/31 | MS | 0.50 | 98 | 37 | N/A | 6.0 |
| Covered (Banking) | HAMBURGER SPARKASSE | AAA | HASPA 3 02/28/31 | MS | 0.50 | 34 | 4 | N/A | 1.6 |
| Covered (Banking) | NOVO BANCO SA | AAA | NOVBNC 3 1/4 03/01/27 | MS | 0.50 | 45 | 10 | N/A | 9.8 |
| Covered (Finance Companies) | CREDIT AGRICOLE HOME LOA | AAA | ACACB 3 12/01/30 | MS | 1.50 | 39 | 8 | -1bp | 1.8 |
| Covered (Local Authority) | HYPO TIROL BANK AG | AAA | LANTIR 3 1/4 02/28/29 | MS | 0.25 | 54 | 6 | 1bp | 2.1 |
| Services | AUTOSTRADE PER L'ITALIA | BBB- | ATOSTR 4 1/4 06/28/32 | MS | 0.50 | 160 | 40 | -6bp | 7.8 |
| Services | AUTOSTRADE PER L'ITALIA | BBB- | ATOSTR 4 5/8 02/28/36 | MS | 0.50 | 187 | 38 | -2bp | 5.6 |
| Services | AVIS BUDGET FINANCE PLC | B+ | CAR 7 02/28/29 | B | 0.60 | 459 | 0 | N/A | N/A |
| Services | LEASYS SPA | A- | LEASYS 3 7/8 03/01/28 | MS | 0.50 | 120 | 45 | N/A | 6.6 |
| Grand Total | 5.85 | 130 | 22 | -2bp | 5.0 |
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.