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US Open

CREDIT UPDATE

CDX a tad weak on the open (+0.4/+2), S&P Futures (-0.2%)

  • 5 $IG issuers expected, €IG primary still active as it plays catch up for Monday holiday. American Tower lines (+2-4) only mover in secondary on supply with €IG otherwise skewed tighter led by high-beta RE names Aroundtown (-4-9), CPI (-6-11) & Heimstaden Bostad (-2-8).
  • Largest 2 falls in SPX pre-market from retailers Target (-7%) & Lululemon (-4%). Latter on org. changes (analyst see-read through).
  • Target fell on in-line 1Q results (3m ending April) at -3.7% comparable sales but a miss on 2Q guidance at flat to +2% (c+1.9%). FY25 guidance was reiterated at flat to 2% (c+0.9%). Equity weakness likely exaggerated by peer Walmart strength last week (a local high-grade issuer). Target adding "sales declines, primarily in discretionary categories, were partially offset by continued growth in Beauty". As FYI fragrance/beauty manufacturer Coty is in €HY primary today & distressed IG Apparel retailer, VFC, reports after close today.
  • ETF flows stayed mute yesterday while $IG closed +0.7 wider led by corps with (some) decompression in HY. $IG supply at $22b there and coming in-line with expectations (again).
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