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EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 1-3bps richer – our DM team flagged that Chinese economic data and EGB-related cash flows appeared to support EGBs at the open though a modest rebound in crude oil futures may have limited this though yields have again moved to intraday lows.
  • Main/XO are flat/-0.5bp, having opened slightly tighter and moved back to opening levels. FICM shows €IG/€HY at +1/+2bp – we see moves against govies as flat/+1bp with Consumer Disc and Healthcare lagging slightly in €IG. Busy day of supply; recap to follow. Curve movers mostly mostly driven by primary today (Ford, Lufthansa, Ampiron, BMW).
  • SXXP is +0.7% though Chemicals, Media and Real Estate are lagging at ~-0.5%. €IG movers include Maersk +7% and CPI Property +5%.
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  • Bunds are 1-3bps richer – our DM team flagged that Chinese economic data and EGB-related cash flows appeared to support EGBs at the open though a modest rebound in crude oil futures may have limited this though yields have again moved to intraday lows.
  • Main/XO are flat/-0.5bp, having opened slightly tighter and moved back to opening levels. FICM shows €IG/€HY at +1/+2bp – we see moves against govies as flat/+1bp with Consumer Disc and Healthcare lagging slightly in €IG. Busy day of supply; recap to follow. Curve movers mostly mostly driven by primary today (Ford, Lufthansa, Ampiron, BMW).
  • SXXP is +0.7% though Chemicals, Media and Real Estate are lagging at ~-0.5%. €IG movers include Maersk +7% and CPI Property +5%.