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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEUR Market Wrap
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.