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EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are -6bp/-4bp in line with core FI this morning, with equities trading weaker amid a light macro calendar with US initial jobless claims providing the main release of interest this afternoon.
  • Main/XO are +1.5bp/+6bp at 63.5bp/335bp while €IG/€HY looks +0.5bp/+5bp. Primary surprisingly open with a 2y FRN from Volkswagen and an interesting 13y/29y deal from Coca-Cola. Curve movers include WBD (+13-16bps on broad weakness in earnings), Deutsche Pfandbriefbank (+4-11bps), Rolls Royce (+4-8bps).
  • SXXP is -1.1% with only Telcos managing to stay flat while SPX futures are -0.4%. Notable €IG movers include Asahi +7%, Deutsche Telekom +3%, National Australia Bank +1.6%, Teleperformance -6%, Worldline -6%, Grenke -5%.
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  • 2y/10y bunds are -6bp/-4bp in line with core FI this morning, with equities trading weaker amid a light macro calendar with US initial jobless claims providing the main release of interest this afternoon.
  • Main/XO are +1.5bp/+6bp at 63.5bp/335bp while €IG/€HY looks +0.5bp/+5bp. Primary surprisingly open with a 2y FRN from Volkswagen and an interesting 13y/29y deal from Coca-Cola. Curve movers include WBD (+13-16bps on broad weakness in earnings), Deutsche Pfandbriefbank (+4-11bps), Rolls Royce (+4-8bps).
  • SXXP is -1.1% with only Telcos managing to stay flat while SPX futures are -0.4%. Notable €IG movers include Asahi +7%, Deutsche Telekom +3%, National Australia Bank +1.6%, Teleperformance -6%, Worldline -6%, Grenke -5%.