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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 3-4bp tighter and near intraday richest levels – DM team flagged that markets continue to assess the chances of the BoE holding rates at next Thursday’s meeting. ECB VP de Guindos hinted at September as a more “convenient” meeting to make decisions compared to July but did not shift market pricing while we got no obvious comments surrounding the near-term ECB policy outlook from Lane.
  • Main/XO are -0.4bp/-2.2bp at 52.5bp/290bp while €IG/€HY looks flat/+2bp with performance pretty evenly distributed and a single €IG deal in the market (Mitsubishi HC Capital 3y EUR 500mn WNG with IPT of +105bp vs. our FV of MS+70a). IG curve movers include Thames (up to 30bp wider), Rentokil (28s 8bp tighter), Hammerson (27s 5bps tighter), Deut Pfandbriefbank (up to 5bp wider), Eurofins (2-4bp tighter), Netflix (up to 4bp tighter).
  • SXXP is +0.3% with Tech outperforming at +1.4% and Basic Resources/Chemicals lagging at over 1% lower while SPX futures are flat. Notable €IG movers include SAP +7%, Compass Group +5%, Fresnius +4%, Edenred -7%, Thales -5%, AKZO Nobel -4%.
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