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EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are flat/-1bp with our DM team earlier flagging a modest pullback in market-based EUR inflation expectations - in part due to softening energy prices – as working against any pullback in safe haven demand that would be implied by reports that Israel will delay retaliation on Iran until after the Passover period.
  • Main/XO are -1bp/-2bp while FICM shows €IG/€HY at -0.7bp each with swap spreads flat – Energy looks the best performing sector while Comms, Cons Disc and Sub Fins are slightly worse.
  • Curve movers include Thames Water (up to 19bps wider), Sartorius (3-4bps wider on earnings), General Mills (up to 7bps wider on new supply) and Mizuho (3-4bps tighter).
  • SXXP is +0.2% with Utils +1.1% and Energy -1%. Notable €IG movers include Sartorius -10%, CPI +7%, Tele2 +6%, PostNL -6%. EQT AB -6% and ABB +5%.
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  • 2y/10y bunds are flat/-1bp with our DM team earlier flagging a modest pullback in market-based EUR inflation expectations - in part due to softening energy prices – as working against any pullback in safe haven demand that would be implied by reports that Israel will delay retaliation on Iran until after the Passover period.
  • Main/XO are -1bp/-2bp while FICM shows €IG/€HY at -0.7bp each with swap spreads flat – Energy looks the best performing sector while Comms, Cons Disc and Sub Fins are slightly worse.
  • Curve movers include Thames Water (up to 19bps wider), Sartorius (3-4bps wider on earnings), General Mills (up to 7bps wider on new supply) and Mizuho (3-4bps tighter).
  • SXXP is +0.2% with Utils +1.1% and Energy -1%. Notable €IG movers include Sartorius -10%, CPI +7%, Tele2 +6%, PostNL -6%. EQT AB -6% and ABB +5%.