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EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 2-4bps tighter – our DM team earlier flagged that there hasn’t been much market moving news flow to note, with FI markets beginning the session on a positive note following a less hawkish than expected RBA decision overnight. Eurozone retail sales rebounded from a weak February, printing at 0.7% Y/Y (vs -0.2% cons, -0.5% prior), though Bunds were unmoved.
  • Main/XO are -1bp/-4bp while FICM shows €IG/€HY around 1bp tighter with Energy lagging slightly and Materials and Sr Fins outperforming slightly. Primary busy today, particularly for Financials, including AT1 deals from Santander and Erste and a curve extension from Coca Cola via a dual-tranche 8y/20y deal. Full recap to follow.
  • €IG corp curve movers include Iren Spa (up to 6bps wider on CEO arrest), Teleperformance (up to 16bp tighter on ongoing rally since results), JCDecaux (up to 5bps tighter on ongoing rally since results).
  • SXXP is +0.7% with Autos and Consumer P&S lagging at just under flat. Notable €IG movers include Infineon +13%, UBS +10%, Tauron Polska +9%, Coloplast -4%, Jyske -4%.
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  • Bunds are 2-4bps tighter – our DM team earlier flagged that there hasn’t been much market moving news flow to note, with FI markets beginning the session on a positive note following a less hawkish than expected RBA decision overnight. Eurozone retail sales rebounded from a weak February, printing at 0.7% Y/Y (vs -0.2% cons, -0.5% prior), though Bunds were unmoved.
  • Main/XO are -1bp/-4bp while FICM shows €IG/€HY around 1bp tighter with Energy lagging slightly and Materials and Sr Fins outperforming slightly. Primary busy today, particularly for Financials, including AT1 deals from Santander and Erste and a curve extension from Coca Cola via a dual-tranche 8y/20y deal. Full recap to follow.
  • €IG corp curve movers include Iren Spa (up to 6bps wider on CEO arrest), Teleperformance (up to 16bp tighter on ongoing rally since results), JCDecaux (up to 5bps tighter on ongoing rally since results).
  • SXXP is +0.7% with Autos and Consumer P&S lagging at just under flat. Notable €IG movers include Infineon +13%, UBS +10%, Tauron Polska +9%, Coloplast -4%, Jyske -4%.