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Euro Credit Opening Wrap

CREDIT PRE-MARKET

Euro market opening wrap after a relatively quiet day with the US closed for Juneteenth holiday.

  • Bund spreads were up a marginal 1bp with initial tightening being pared away in the afternoon session. 10-year OAT and BTP spreads to Bunds have widened into the European cash close. The BTP/Bund spread is now ~154bps, while the OAT/Bund spread is ~79bps
  • Main/XO were both wider on the day (+2/+8bp) whereas cash bonds tightened (IG -0.4bp, HY -1.7bp) with energy credits leading the tightening and capital goods lagging. Dispersion was broadly limited to 1bp, however.
  • SXXP lost 0.2% with IT and real estate equities down >1% whilst financials, materials and comms just about made it into the green. Sartorius led the fallers with Games Workshop leading. SPX was closed.
  • Today, the US calendar will see Weekly Claims, House Starts and Building Permits. The Bank of England will also make their policy announcement, with an on-hold decision likely.
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