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EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 1-2bps tighter with our DM flagging that the supply burden has seemingly been offset by the pullback in oil prices.
  • Main/XO are +0.5bp/+1bp while FICM shows €IG/€HY at flat/+0.5bp though we see slightly tighter moves against govies with Fins outperforming somewhat. Primary open but quiet; Nordea in for a T2, Avinor for a SUN and EDP for a Hybrid along with covereds from Bank of Queensland, BPM, StanChart and Santander. Mandate flow has been strong including a quintuple deal from Swisscom.
  • Curve movers include Alstom (up to 14bp tighter on commitment to IG as per hybrid supply), Aker BP (EUR 29s +4bp on mandate), Aroundtown (up to 12 bp tighter), CPI Property (up to 8bp tighter), Heimstaden (up to 7bp tighter).
  • SXXP is -0.5% with banks lagging slightly at -1.2%. €IG movers include Carmila +3%, Maersk +3%, Bank of Valletta +3%, Generali -3%, SocGen -3%.
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  • Bunds are 1-2bps tighter with our DM flagging that the supply burden has seemingly been offset by the pullback in oil prices.
  • Main/XO are +0.5bp/+1bp while FICM shows €IG/€HY at flat/+0.5bp though we see slightly tighter moves against govies with Fins outperforming somewhat. Primary open but quiet; Nordea in for a T2, Avinor for a SUN and EDP for a Hybrid along with covereds from Bank of Queensland, BPM, StanChart and Santander. Mandate flow has been strong including a quintuple deal from Swisscom.
  • Curve movers include Alstom (up to 14bp tighter on commitment to IG as per hybrid supply), Aker BP (EUR 29s +4bp on mandate), Aroundtown (up to 12 bp tighter), CPI Property (up to 8bp tighter), Heimstaden (up to 7bp tighter).
  • SXXP is -0.5% with banks lagging slightly at -1.2%. €IG movers include Carmila +3%, Maersk +3%, Bank of Valletta +3%, Generali -3%, SocGen -3%.