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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 3-7bp tighter with 10yr yields near to mid-April lows and now just over a 90% probability of a September cut priced by OIS markets. DM team’s July Eurozone inflation preview: https://roar-assets-auto.rbl.ms/files/65484/July2024EZCPIPreview.pdf
  • Main/XO are -0.3bp/-1bp at 53.9bp/295bp while €IG/€HY looks flat/+3bp with Fins outperforming very slightly. Primary is open with the macro/earnings calendar quiet compared to recent sessions; deals from Vodafone, NatWest, Edenred and Astrazeneca as per our FV pieces above. Curve movers today include Thames (up to 45bp wider), EuroFins (5-9bp tighter), Astrazeneca (2-6bp wider on supply), Vod (up to 7bp tighter on tendered lines, other lines 0-3bp wider).
  • SXXP is +0.4% while SPX futures are also +0.4%. Notable €IG movers include Philips +10%, Maersk +5%, Segro +4%, Reckitt Benckiser -9%m Heineken -8%, Universal Music -3%.
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