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Netflix EUR Curve Partially Pares Recent Underperformance Ahead Of Q1 Results Tomorrow

TECHNOLOGY
  • Netflix looks to be reversing some of their recent EUR underperformance; curve is 6-10bps tighter aside from the shortest-dated 2025s with the 2029s one of the best performing €IG lines today. Curve still up to 22bps wider WoW in places.
  • We had a couple of questions about drivers but still haven’t seen anything in the news cycle. The move wider still looks at odds with their USD lines which are up to 8bps wider and their equity has been broadly range-bound in April, having tracked SXXP since Q4 results.
  • Q1 results come tomorrow after the close.

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