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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are -4bp/flat as markets digest the July flash PMI round. The German PMI in particular allowed Bunds to rally to intraday highs though longer-dated bunds retraced the move with markets seemingly judging that the PMIs have added little extra information to the Eurozone growth/inflation outlook.
  • Main/XO are +0.9bp/+4bp at 54.3bp/297bp while €IG/€HY looks +1bp/+2bp. €IG remains closed though £IG is open with Severn Trent’s (SVTLN Baa2/BBB/BBB) GBP 350mn 14yr guiding at UKT+155a from an IPT of +170-175a vs. our FV of +136a with books above GBP 1.6bn – we note that sector peer Severn Trent was downgraded earlier today.
  • Curve movers include Thames on the downgrade to HY by Moody’s, Rentokil (EUR 28s 7bps wider), Easyjet (6-7bps tighter), Deuttche Pfandbriefbank (4-5bps wider), Eurofins (3-5bps tighter) and IAG (3-4bps wider).
  • SXXP is -0.3% while SPX futures are -0.8%. Notable €IG movers include SGS SA +10%, Nidec +6%, Easyjet +5%, DSV A/S +4%, Informa +4%, Deutsche Bank -6%, Sora Enso -5%, LVMH -4%.
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