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EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are -3bp/-6bp – our DM team earlier flagged dovish spillovers from the RBNZ decision overnight supported the wider FI space this morning. The remainder of today’s regional calendar is light, with broader focus on today’s BoE speakers and tomorrow’s US CPI release.
  • Main/XO are -1bp/-4bp at 53bp/290bp while €IG/€HY looks flat/+2bp with Healthcare lagging slightly in IG. Primary is open with deals from La Mondiale (RT1), Silfin, Logicor, Piraeus Bank, CNP Assurancecs, CA Auto Bank, Bank of NZ. Curve movers include Aroundtown (up to 12bp tighter), Grenke (3-4bp wider), Thames (up to 12bp wider), Gernerali (up to 5bp wider).
  • SXXP is +0.6% with Chemicals the only sector mildly in the red while SPX futures are flat. Notable €IG movers include Technip +6%, Aroundtown +5%, Deutsche Pfandbriefbank +5%, Enegas +5%.
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  • 2y/10y bunds are -3bp/-6bp – our DM team earlier flagged dovish spillovers from the RBNZ decision overnight supported the wider FI space this morning. The remainder of today’s regional calendar is light, with broader focus on today’s BoE speakers and tomorrow’s US CPI release.
  • Main/XO are -1bp/-4bp at 53bp/290bp while €IG/€HY looks flat/+2bp with Healthcare lagging slightly in IG. Primary is open with deals from La Mondiale (RT1), Silfin, Logicor, Piraeus Bank, CNP Assurancecs, CA Auto Bank, Bank of NZ. Curve movers include Aroundtown (up to 12bp tighter), Grenke (3-4bp wider), Thames (up to 12bp wider), Gernerali (up to 5bp wider).
  • SXXP is +0.6% with Chemicals the only sector mildly in the red while SPX futures are flat. Notable €IG movers include Technip +6%, Aroundtown +5%, Deutsche Pfandbriefbank +5%, Enegas +5%.