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EUR Market Wrap

CREDIT UPDATE


  • Bunds are flat to 2bp wider after the April ECB consumer 3-year inflation expectations were revised a tenth lower to 2.4%, but this was not a market mover while the ECB’s Centeno and Knot are still scheduled to speak today.
  • Main/XO are -1bp/-3bp with respective levels now below 51bp/286bp while FICM shows €IG/€HY as flat/-4.5bp though we see moves around a half a bp tighter against govies. Performance looks well dispersed across sectors.
  • Primary is relatively quiet with supply tilted towards Financials; Commonwealth Bank of Aus (T2), AXA SA (SUN), Pop. Sondrio (SP) along with two covereds from Sabadell and CFF and just one corp in the market as Linde (3x SUN).
  • IG curve movers include Thames (up by another 20bps on some lines), Heimstaden Bostad (up to 13bps tighter), Rolls Royce (3-6bp wider).
  • SXXP is flat with T&L and Real Estate -1.2% and +1.2%. SPX futures are +0.3%. Notable €IG movers include Intermediate Capital Group +4%, Tritax Eurobox +4%, Flutter -4%.
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