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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are -5bp/-2bp with our DM team flagging that speculation surrounding the possible resignation of French President Macron triggered a renewed sell-off in OATs, alongside a bid in German paper, as EGB spread moves dominated. The Élysée has denied suggestions that Macron is considering his future.
  • Main/XO are +2bp/+6bp and now back above levels of 55bp/300bp while €IG/€HY look +1bp/+4bp with Fins underperforming and Tech outperforming. French underperformance continues; we see French €IG index constituents +3bp on average again driven by Fins. Other IG curve movers include DXC up to 3pts higher on takeover reports, EDF 5-8BP wider on supply. Primary recap to follow.
  • SXXP is -0.6% with all sectors in the red and Basic Resources the biggest mover at -2%. Notable €IG movers include Covestro +8%, Naturgy -12%, Maersk -6%, Icade -4%.
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