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EUR Market Wrap

CREDIT UPDATE
  • Bunds are 1-2bps richer as the softer oil price backdrop provided support to core FI markets again this morning though headlines speculating on BoJ bond purchases ahead of next week’s meeting may have provided some pressure to the space.
  • Main/XO are +1bp/+3bp while €IG/€HY look flat to us. Primary is busy with deals from both Fins (Unicredit, Belfius, Alpha, BBVA, OTP Bank) and Corps (Molnlycke, Becton Dickinson, CEZ, A2A, Elia).
  • IG curve movers include Tritax Eurobox (EUR 26s -66bp on Brookfield acquisition news), Grenke Finance (up to 8bps tighter), Fastighets Balder (up to 9bps tighter), Becton Dickinson (up to 7bps wider on supply).
  • SXXP is -0.2% with Energy the notable mover at -3% on the oil sell-off. Notable €IG movers include Siemens Energy -5%, PKO Bank Polski -5%, Caixabank -4%, Standard Chartered -4%, Elia +2.5%, Norstar +2.4%, National Grid +2%.
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