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MNI: China To Issue More Bonds As Stimulus Targets Consumption

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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 2-4bp wider as markets unwind a degree of political risk premium following the French second round legislative election results while markets saw little discernible reaction to comments from ECB’s Knot, who noted the next “truly open” ECB meeting would be in Sept (he advocated for decisions on a quarterly basis).
  • Main/XO are -2bp/-6bp at 52bp/291bp while €IG/€HY looks -2bp/-5bp with Energy lagging slightly. Primary is open with deals from Eesti Energia, Leasys, Toyota Motor Credit. Curve movers include Aroundtown (up to 20bp tighter, announced mandate/tender), Heimstaden (up to 10bp tighter), Thames (up to 9bp wider).
  • SXXP is +0.4% while SPX futures are flat. Notable €IG movers include BPER Banca +5%, Carlsberg +5%, Worldline +4%, K+S -6%, Teleperformance -4%, Maersk -4%.
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