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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are flat/-1bp after the Spanish flash May HICP was a tenth above consensus at 3.8% YoY though the lack of details make it hard to discern readthrough to the EZ core figure due Friday. The EC’s Economic Confidence reading was broadly in line while EZ unemployment reached an all-time low of 6.4% (below the 6.5% consensus).
  • Main/XO are flat/-2bp while FICM shows €IG/€HY at +1bp though we see both flat to govies. Performance looks distributed across sectors. Primary closed.
  • IG curve movers include Thames (EUR 27s 12bp tighter), Rolls Royce (EUR 26s 6bp wider), Prosus (EUR 26s 11bp wider), Balder (up to 4bp tighter).
  • SXXP is +0.3% with Energy and Tech -0.6% while Banks are +1.2%. Notable €IG movers include Acciona +4%, AIB +4%, BPER Banca +3%, Pirelli -6%, Capgemini -3%.
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