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EUR Market Wrap

CREDIT UPDATE


  • Bunds are ~1-3bps richer with our DM team earlier flagging that spillovers from the BoJ's NIRP exit overnight had little lasting impact.
  • Main/XO are flat/+3bp while FICM shows €IG/€HY cash as +0.1bp/+3bp with Tech outperforming slightly within €IG at -0.3bp while Sub Fins underperform at +0.6bp with very slight moves wider for most other sectors. Noting supply heavilty tilted towards fins again today.
  • Low vol morning but IG corp curves moving include AB Inbev, (up to 8bps tighter and 10bps wider on supply/tender), Thames Water (up to 8bps tighter, no new news), Channel Link (2-5bps tighter, no news aside from Les Echos implying they aren’t concerned about a new tax), KLM (+3bps, no news), EP Infrastructures (+2-3bps, no new news), Elis SA (up to 4bps tighter, went to market last week).
  • SXXP is flat with little relatively broadly distributed performance – Utilities and Consumer Products/Services are -0.7% while Autos, Banks and Energy are +0.5-0.7%. S&P 500 futures are -0.4% DoD.
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