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EUR Market Wrap

CREDIT UPDATE


  • Bunds are up to 2-3bp wider – our DM team flagged that some tension within the French political left’s election alliance and apparent assurances from RN leader Le Pen removed a little of the French political uncertainty premium. Final Q1 Eurozone labour cost data was a touch firmer than the preliminary print (+5.1% Y/Y).
  • Main/XO are +1bp/+3bp at 65bp/335bp while €IG/€HY cash looks +1bp/-1bp with Energy outperforming slightly in IG. French corps seem broadly in line on aggregate albeit with a wider range while French fins are underperforming slightly. Primary is quiet but open with an IG deal from Prologis and a HY deal from Bestsecret.
  • IG curve movers include Mutuelle Insurance (27s +6bp), Mizuho Financial Group (up to 7bps wider), Sumitomo Mitsui (up to 7bp wider), Mercialys (up to 7bp wider).
  • SXXP is flat with the CAC 40 in line, having erased earlier gains. SPX futures are -0.2%. Notable €IG movers include Covivio +5%, Forvia +3%, Adidas -4%.
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