EU CREDIT UPDATE: CREDIT UPDATE: EUR Market Wrap
Apr-29 10:30
- 2y/10y bunds are -3bp/-5bp with our DM team flagging a rally on the back of on the back of the Spanish CPI data, with the move then extending as German regional CPI readings pointed to downside risk in this afternoon’s national flash reading. Also noting that PM Sachez will not resign as Spanish PM though there has been little feedthrough to EGBs.
- Main/XO are -0.7bp/-3.2bp with FICM showing €IG/€HY at +0.2bp/+2.6bp though accounting for swap spreads we see slightly less widening vs. govies. TMT/Energy seem to be underperforming slightly. Main curve mover is Philips at up to 16bps tighter on legal settlement progress.
- SXXP is +0.3% with Tech, Banks and T&L the sectors in the red with losses of up to 0.5%. €IG movers include Philips +47%, AIA Group +6%, CPI Property +6%, Deutsche Bank -6%.
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MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS
Mar-29 15:26
- MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS
MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%
Mar-29 12:30
- MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%
- US FEB PCE PRICE INDEX +0.3%; +2.5% Y/Y
- US FEB CORE PCE PRICE INDEX +0.3%; +2.8% Y/Y
- US FEB UNROUNDED PCE PRICE INDEX +0.333%; CORE +0.261%
FRANCE AUCTION PREVIEW: On offer next week
Mar-29 10:32
E11.0-12.5bln of LT OATs on Thursday 4 April (a slightly smaller auction than in February or March):
- the 3.50% Nov-33 OAT (ISIN: FR001400L834)
- the 3.25% May-55 OAT (ISIN: FR001400OHF4)
- the 4.00% Apr-60 OAT (ISIN: FR0010870956)
- the 1.75% Jun-39 Green OAT (ISIN: FR0013234333)
Up to E7.2bln of 13/22/24/51-week BTFs on offer Tuesday 2 April:
- E3.1-3.5bln of the new 13-week Jul 3, 2024 BTF
- E0.1-0.5bln of the 22-week Sep 4, 2024 BTF
- E1.3-1.7bln of the 24-week Sep 18, 2024 BTF
- E1.1-1.5bln of the 51-week Mar 26, 2025 BTF
