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EUR Market Wrap

  • Bunds ended 7-8bps cheaper – our DM team flagged issuance as the most likely driver including French and Slovakian syndication announcements, a front-loaded UST supply calendar as well as the ongoing corporate supply slate.
  • Main/XO ended 1bp/4bp wider, ending flat/1bp wider than CDX IG/HY. €IG/€HY cash tightened 0.3/3.9bp with Energy and Financials outperforming at -1.5bp/-1.5bp and Consumer Staples underperforming at +0.5bp. Corporate supply as per the below.
  • SXXP ended -0.4% with Basic Resources (-2%), Utilities (-1.3%) and Real Estate (-1%) while just Tech (+0.4%) and Fin Services (+0.3%) finished in the green. Notable movers included BIRG (-10.5%), Kinnevik (+5.4%) and Tele2 (+5.3%) as flagged over the day.
  • Asian equities are trading mixed but broadly flat in the wake yesterday’s quiet calendar though thing pick up today where we have:
    0700/0800*DEGFK Consumer Climate
    0745/0845**FRConsumer Sentiment
    1000/1000*UKIndex Linked Gilt Outright Auction Result
    1330/0830*CACapital and repair expenditure survey
    1330/0830**USDurable Goods New Orders
    1340/1340UKBOE's Ramsden at Association for Financial Markets
    1355/0855**USRedbook Retail Sales Index
    1400/0900**USS&P Case-Shiller Home Price Index
    1400/0900**USFHFA Home Price Index
    1400/0900**USFHFA Home Price Index
    1400/0900**USFHFA Quarterly Price Index
    1400/0900**USFHFA Quarterly Price Index
    1405/0905USFed Vice Chair Michael Barr
    1500/1000***USConference Board Consumer Confidence
    1500/1000**USRichmond Fed Survey
    1530/1030**USDallas Fed Services Survey
    1630/1130*USUS Treasury Auction Result for Cash Management Bill
    1800/1300**USUS Treasury Auction Result for 7 Year Note

Bond Type Issuer Exp Rating Ticker B'mark Amount (bn) Spread (bp) Δ IPT (bp) BBG NIC (bp) Cover (x)
Banks (AT1) ABN AMRO BANK NV BBB- ABNANV 6 7/8 PERP MS 0.75 424 51 N/A 5.3
Banks (Sr Unsec) STANDARD CHARTERED PLC A- STANLN 4.196 03/04/32 MS 1.00 145 35 13bp 3.3
Capital Goods HONEYWELL INTERNATIONAL A HON 3 3/8 03/01/30 MS 0.75 70 28 6bp 2.5
Capital Goods HONEYWELL INTERNATIONAL A HON 3 3/4 03/01/36 MS 0.75 105 28 17bp 2.5
Covered (Banks) TSB BANK PLC AAA TSBLN 3.319 03/05/29 MS 0.50 52 8 N/A 8.5
Services PLUXEE NV BBB+ PLXFP 3 1/2 09/04/28 MS 0.55 75 40 N/A 6.8
Services PLUXEE NV BBB+ PLXFP 3 3/4 09/04/32 MS 0.55 105 40 N/A 7.0
Grand Total 4.85 139 33 12bp 5.1

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