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US Open; Euro credit facing a sell-off

CREDIT UPDATE

CDX opening more mute +1.6/+10 - it doesn't seem to be giving iTraxx any support. Main/Xover holding +4.3/+18.


  • Equities are tad weaker, €IG basket -1.1% but its dragged on by financials (-1.7%) led by 5% falls in Commerzbank, SocGen, BPE & UniCredit.
  • Sovereign spreads have moved wider as well; 5Y OATs lagging by 5bps the -10bp rally in bunds. Swap spreads +8bps.
  • €IG cash is showing wide dispersion of +2-20bps. Financials have come out again but there is high-beta RE names and Reckitt among the double digit wideners. +2-10bp move in £IG as well.
  • 1pt+ moves in €HY from Intrum 28/29s, Eutelsat curve, Emeria/FONFP curve and PRFINE 28s.* S&P futures -0.6% ahead of cash open, lighter on macro with Import prices and UMich survey. Fed speak from Mester & Goolsbee (after close).
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