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EUR Market Wrap

CREDIT UPDATE
  • Bunds are flat to 2bp richer across the curve with OAT spreads broadly muted as the breakdown of election alliance talks between parties on the right of the French political spectrum providing relief against the recent widening. US CPI preview: https://roar-assets-auto.rbl.ms/files/64732/USCPIPrevJun2024.pdf; Fed preview: https://roar-assets-auto.rbl.ms/files/64701/FedPrevJun2024%20-%20With%20analysts.pdf
  • Main/XO are -1bp/-5bp, back below levels of 55bp and 298bp while €IG/€HY look to be flat overall with performance pretty evenly distributed across sectors. Primary kept open by two corps deals; K+S and ITV.
  • Not much in terms of curve movers with the market skewed flat; DXC bonds a few cents richer but no big continuation of yesterday’s moves. French underperformance at the aggregate level has softened with average IG spread moves in line with the broader index.
  • SXXP is +0.4% with Autos and T&L the only sectors in the red and with Bans outperforming at +1.1%. €IG movers include Rentokil +12%, StanChart +3%, Siemens Energy +3%, East Japan Railway -3%, Lonza Group -3%. SPX futures flat.
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