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Free AccessEUR Market Wrap
- 2y/10y bunds ended flat/+2.5bp, trading in a tight range through the morning, with heavy sovereign issuance keeping a cap on rallies before following USTs wider in the PM in the wake of the lower than expected Durable Goods Order.
- Main/XO ended +0.5bp/2.3bp, underperforming CDX IG/HY by 1bp/6.5bp with YTD underperformance now at 2bp/16bp. €IG/€HY cash widened by 1bp/2.5bp with Consumer Cyc Services underrperforming at +3bp (now the only sector wider WoW at +1bp).
- SXXP ended +0.2% with Basic Resources (+1.7%) outperforming, led higher by Stora Enso despite reports of short positions and Thyssenkrupp on planned cost cutting. Media stocks underperformed at -1.2% with Universal weighing on the sub-index ahead of earnings today.
- Asian equity sentiment has mostly been softer. Easing housing restrictions, announced in the Hong Kong budget, haven't been enough to lift the aggregate HIS which is -1%. SXXP futures are +0.2%.
- Up today we have:
Date | GMT/Local | Impact | Country | Event |
28/02/2024 | 0700/0800 | ** | SE | PPI |
28/02/2024 | 0700/1500 | ** | CN | MNI China Liquidity Index (CLI) |
28/02/2024 | 0900/1000 | ** | IT | ISTAT Consumer Confidence |
28/02/2024 | 0900/1000 | ** | IT | ISTAT Business Confidence |
28/02/2024 | 1000/1100 | ** | EU | EZ Economic Sentiment Indicator |
28/02/2024 | 1000/1100 | * | EU | Consumer Confidence, Industrial Sentiment |
28/02/2024 | 1100/1200 | EU | ECB's Lagarde and Cipollone in G20 and CB Governors meeting | |
28/02/2024 | 1200/0700 | ** | US | MBA Weekly Applications Index |
28/02/2024 | 1330/0830 | * | CA | Current account |
28/02/2024 | 1330/0830 | * | CA | Payroll employment |
28/02/2024 | 1330/0830 | *** | US | GDP |
28/02/2024 | 1330/0830 | ** | US | Advance Trade, Advance Business Inventories |
28/02/2024 | 1530/1030 | ** | US | DOE Weekly Crude Oil Stocks |
28/02/2024 | 1530/1530 | UK | BOE's Mann at FT future forum event 'The economic outlook..' | |
28/02/2024 | 1700/1200 | US | Atlanta Fed's Raphael Bostic | |
28/02/2024 | 1715/1215 | US | Boston Fed's Susan Collins | |
28/02/2024 | 1745/1245 | US | New York Fed's John Williams | |
29/02/2024 | 2350/0850 | * | JP | Retail sales (p) |
29/02/2024 | 2350/0850 | ** | JP | Industrial production |
Bond Type | Issuer | Exp Rating | Ticker | B'mark | Amount (bn) | Spread (bp) | Δ IPT (bp) | BBG NIC (bp) | Cover (x) |
Banks (Sr Pref) | UNICREDIT SPA | BBB | UCGIM 4 03/05/34 | MS | 1.25 | 125 | 45 | 17bp | N/A |
Banks (Sr Unsec) | LLOYDS BANKING GROUP PLC | A- | LLOYDS Float 03/05/27 | FRN | 0.50 | 70 | 38 | N/A | 6.0 |
Covered (Banking) | ICCREA BANCA SPA | AA- | ICCREA 3 1/2 03/04/32 | MS | 0.50 | 80 | 12 | N/A | 10.0 |
Covered (Wealth Management) | UBS SWITZERLAND AG | AAA | UBS 3.304 03/05/29 | MS | 1.00 | 48 | 15 | N/A | 7.4 |
Food & Bev | KRAFT HEINZ FOODS CO | BBB | KHC 3 1/2 03/15/29 | MS | 0.55 | 75 | 35 | N/A | 2.9 |
TelCo | BOOKING HOLDINGS INC | A- | BKNG 3 1/2 03/01/29 | MS | 0.50 | 65 | 30 | 3bp | 3.6 |
TelCo | BOOKING HOLDINGS INC | A- | BKNG 3 5/8 03/01/32 | MS | 0.65 | 85 | 30 | 6bp | 3.2 |
TelCo | BOOKING HOLDINGS INC | A- | BKNG 3 3/4 03/01/36 | MS | 0.85 | 105 | 30 | 13bp | 2.8 |
TelCo | BOOKING HOLDINGS INC | A- | BKNG 4 03/01/44 | MS | 0.75 | 135 | 33 | 26bp | 3.9 |
Transport | AP MOLLER-MAERSK A/S | BBB+ | MAERSK 3 3/4 03/05/32 | MS | 0.50 | 102 | 38 | N/A | 4.2 |
Transport | AP MOLLER-MAERSK A/S | BBB+ | MAERSK 4 1/8 03/05/36 | MS | 0.50 | 135 | 30 | N/A | 2.2 |
Utilities | SEVERN TRENT WATER UTIL | BBB+ | SVTLN 4 03/05/34 | MS | 0.50 | 125 | 25 | N/A | N/A |
Grand Total | 8.05 | 96 | 30 | 13bp | 4.6 |
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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.