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EUR Market Wrap

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  • Bunds ended around 4bps cheaper – our DM team flagged little in the way of outright ‘explainers’ for the move cheaper but noted that investors may be unwilling to add positions ahead of tomorrow’s macro events.
  • Main/XO ended +0.6bp/3bp while €IG/€HY tightened 0.5bp/4.8bp with 5-7yr €IG spreads outperforming slightly at -0.8bp and Energy/Tech the biggest over/overperformers at -1bp/+0.3bp.
  • SXXP ended -0.4% with Basic Resources reversing earlier underperformance to finish in line though Tech ended -2%. Notable movers included Delivery Hero (+7%), BE Semiconductors (-9%), Raiffeisen (-7%) and Zealand (-7%).
  • Equity sentiment has been buoyant in Hong Kong, led by property and tech names though the tone for mainland shares has been much more mixed. Stoxx 50 futures are +0.6%.
  • Up today we have:

GMT/Local

Impact

Country

Event

0700/0800

***

DE

HICP (f)

0700/0700

***

UK

Labour Market Survey

0800/0900

EU

ECB's De Guindos participates in ECONFIN meeting

1000/0600

**

US

NFIB Small Business Optimism Index

1000/1000

**

UK

Gilt Outright Auction Result

1100/1100

UK

BOE's Mann on NIESR Panel

-

***

CN

Money Supply

-

***

CN

New Loans

-

***

CN

Social Financing

1230/0830

***

US

CPI

1230/0830

*

CA

Intl Investment Position

1255/0855

**

US

Redbook Retail Sales Index

1445/1545

EU

ECB's Elderson at 'banking sector and climate...' workshop

1530/1130

*

US

US Treasury Auction Result for Cash Management Bill

1700/1300

**

US

US Note 10 Year Treasury Auction Result

1800/1400

**

US

Treasury Budget




TOYOTA 3.434 06/18/26

TOYOTA FINANCE AUSTRALIA

Consumer, Cyclical

EUR

600000000

FIXED

32.5

MS

40

2.4

TOYOTA 3.386 03/18/30

TOYOTA FINANCE AUSTRALIA

Consumer, Cyclical

EUR

500000000

FIXED

37

MS

78

3.9

BAMIIM 5 06/18/34

BANCO BPM SPA

Financial

EUR

500000000

VARIABLE

35

MS

245

5.0

KBCBB 6.151 03/19/34

KBC GROUP NV

Financial

GBP

500000000

VARIABLE

30

B

225

3.8

NDAFH 3 5/8 03/15/34

NORDEA BANK ABP

Financial

EUR

1000000000

FIXED

30

MS

105

2.0

SANUK 3 03/12/29

SANTANDER UK PLC

Financial

EUR

1500000000

FIXED

7

MS

40

3.3

WKLNA 3 1/4 03/18/29

WOLTERS KLUWER NV

Communications

EUR

600000000

FIXED

37.5

MS

60

4.5

LANDLN 4 3/4 09/18/31

LAND SECURITIES CM PLC

Financial

GBP

300000000

FIXED

24.5

B

103

5.3

IDFMOB 3.45 06/25/49

ILE DE FRANCE MOBILITES

Industrial

EUR

1000000000

FIXED

4

B

34

9.5

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