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Global Macro
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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI Commodity Weekly: Oil Markets Assess Trump Impact
MNI Gas Weekly: Winter Weather Takes the Driver's Seat
EUR Market Wrap
- 2y/10y bunds ended +3bp/+6bp with our DM team flagging US data and BoJ speculation as putting upward pressure on ECB rates rate expectations.
- Main/XO closed +1.5bp/+10bp, bringing levels back above 52bp/299bp. €IG/€HY cash ended -1bp/+0.5bp with short-dated €IG outperforming once again and Utilities and Energy leading the way tighter at ~-1.7bp while Capital Goods lagged slightly at -0.9bp.
- SXXP closed -0.2% with Media the best performing sub-index (looks broad-based despite Embracer -11%) and Basic Resources holding onto earlier underperformance to end -1.5%.
- Asia equities again mixed with the HIS -1.9%, bringing the index into negative WoW territory. Stoxx 50 futures are -0.1%. Up today we have:
GMT/Local | Impact | Country | Event |
0700/0800 | ** | SE | Unemployment |
0745/0845 | *** | FR | HICP (f) |
0900/1000 | ** | IT | Italy Final HICP |
0930/0930 | ** | UK | Bank of England/Ipsos Inflation Attitudes Survey |
1000/1100 | * | IT | Retail Sales |
- | *** | CN | Money Supply |
- | *** | CN | New Loans |
- | *** | CN | Social Financing |
1215/0815 | ** | CA | CMHC Housing Starts |
1230/0830 | * | CA | International Canadian Transaction in Securities |
1230/0830 | ** | CA | Wholesale Trade |
1230/0830 | ** | US | Import/Export Price Index |
1230/0830 | ** | US | Empire State Manufacturing Survey |
1315/0915 | *** | US | Industrial Production |
1400/1000 | ** | US | U. Mich. Survey of Consumers |
1430/1530 | EU | ECB's Lane lecture at Imperial College | |
1700/1300 | ** | US | Baker Hughes Rig Count Overview - Weekly |
Final Type | Issuer | CompRating | Rank | Ticker | Spread Against | Spread | Tightening From IPT | BBG NIC | Amount (bn) | Total Cover |
Banks (T2) | VOLKSBANK WIEN AG | BBB | Subordinated | VOWIBA 5 3/4 06/21/34 | MS | 310.0bp | 50.0bp | N/A | 0.5 | 4.2x |
Chemicals | ARKEMA | BBB- | Subordinated | AKEFP 4.8 PERP | B | 238.8bp | 57.5bp | N/A | 0.4 | 6.5x |
Communications | NBN CO LTD | AA- | Sr Unsecured | NBNAUS 3 1/2 03/22/30 | MS | 85.0bp | 30.0bp | -12.3bp | 0.7 | 3.3x |
Communications | NBN CO LTD | AA- | Sr Unsecured | NBNAUS 3 3/4 03/22/34 | MS | 108.0bp | 34.5bp | -0.2bp | 0.6 | 3.5x |
Covered (Banking) | BPER BANCA | AA- | Secured | BPEIM 3 1/4 01/22/31 | MS | 62.0bp | 13.0bp | -19.3bp | 0.5 | 8.8x |
Covered (Banking) | SPARKASSE DORTMUND | AAA | Secured | SSPDOR 3 03/21/31 | MS | 45.0bp | 7.0bp | N/A | 0.25 | 2.6x |
Covered (Finance Companies) | STADSHYPOTEK AB | AAA | Secured | SHBASS 2 7/8 03/21/29 | MS | 26.0bp | 6.0bp | -9.9bp | 0.75 | 2.6x |
Services | AMADEUS IT GROUP SA | BBB | Sr Unsecured | AMSSM 3 1/2 03/21/29 | MS | 75.0bp | 37.5bp | 5.8bp | 0.5 | 3.6x |
Services | ELIS SA | BBB- | Sr Unsecured | ELISGP 3 3/4 03/21/30 | MS | 125.0bp | 45.0bp | N/A | 0.4 | 7x |
Utilities | TENNET HOLDING BV | BB+ | Jr Subordinated | TENN 4 5/8 PERP | MS | 194.7bp | 55.0bp | N/A | 0.55 | 4x |
Utilities | TENNET HOLDING BV | BB+ | Jr Subordinated | TENN 4 7/8 PERP | MS | 221.4bp | 66.3bp | N/A | 0.55 | 5.5x |
To read the full story
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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.