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EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 1-2bps cheaper across the curve; our DM team have flagged the move to intraday lows after the Eurozone April flash core inflation printed above consensus at 2.7% Y/Y (vs 2.6% prior).
  • Main/XO are +0.5bp/+2bp while FICM shows €IG/€HY at -0.2bp/-1.3bp though we see spreads to govies around a half a bp tighter again. Comm/Consumer seem to be lagging slightly.
  • Main €IG corp curve movers today are SES (up to 21bps wider on Intelsat acquisition news), General Motors (up to 6bps wider on new supply), Philips (up to 14bp tighter) and Thames Water (up to 5bp tighter).
  • SXXP is -0.4% while SPX futures are -0.1%. Notable €IG movers include Aliaxis +10%, Nissan +6%, CPI Property +5%, SES -11%, SCR Sibelco -8%, Worley -7.5%.
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  • Bunds are 1-2bps cheaper across the curve; our DM team have flagged the move to intraday lows after the Eurozone April flash core inflation printed above consensus at 2.7% Y/Y (vs 2.6% prior).
  • Main/XO are +0.5bp/+2bp while FICM shows €IG/€HY at -0.2bp/-1.3bp though we see spreads to govies around a half a bp tighter again. Comm/Consumer seem to be lagging slightly.
  • Main €IG corp curve movers today are SES (up to 21bps wider on Intelsat acquisition news), General Motors (up to 6bps wider on new supply), Philips (up to 14bp tighter) and Thames Water (up to 5bp tighter).
  • SXXP is -0.4% while SPX futures are -0.1%. Notable €IG movers include Aliaxis +10%, Nissan +6%, CPI Property +5%, SES -11%, SCR Sibelco -8%, Worley -7.5%.