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EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 4-5bps tighter across most of the curve with our DM team flagging that most Eurozone countries registered improving manufacturing PMIs in May, with Italy the notable exception. However, Germany, France and the Eurozone’s readings remain in contractionary territory, with the latter two seeing small downward revisions vs flash readings.
  • Main/XO are -1bp/-7bp to bring WoW moves to flat while FICM shows €IG/€HY +1.5bp/+4bp though we see moves vs. govies closer to flat/+1.5bp. Primary is open but relatively quiet with Corps deals from VW Financial Services and Phillip Morris and Fins deals from Bank of Nova Scotia, Nordea and Deutsche Bank. Notable slew of mandates out; recap to follow.
  • IG movers include Deutsche Pfandbriefbank (up to 20bps tighter; announced a debt tender earlier), Glaxosmithkline (up to 10bp wider on unfavourable legal proceedings), EP Infrastructure (up to +6bp), Rolls Royce (up to +4bp).
  • SXXP IS +0.8% with Basic Resources and Tech lagging at flat. €IG movers include GSK -9%, Technip Energies +5%, Deutsche Pfandbriefbank +5%.
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  • Bunds are 4-5bps tighter across most of the curve with our DM team flagging that most Eurozone countries registered improving manufacturing PMIs in May, with Italy the notable exception. However, Germany, France and the Eurozone’s readings remain in contractionary territory, with the latter two seeing small downward revisions vs flash readings.
  • Main/XO are -1bp/-7bp to bring WoW moves to flat while FICM shows €IG/€HY +1.5bp/+4bp though we see moves vs. govies closer to flat/+1.5bp. Primary is open but relatively quiet with Corps deals from VW Financial Services and Phillip Morris and Fins deals from Bank of Nova Scotia, Nordea and Deutsche Bank. Notable slew of mandates out; recap to follow.
  • IG movers include Deutsche Pfandbriefbank (up to 20bps tighter; announced a debt tender earlier), Glaxosmithkline (up to 10bp wider on unfavourable legal proceedings), EP Infrastructure (up to +6bp), Rolls Royce (up to +4bp).
  • SXXP IS +0.8% with Basic Resources and Tech lagging at flat. €IG movers include GSK -9%, Technip Energies +5%, Deutsche Pfandbriefbank +5%.