EU CREDIT UPDATE: CREDIT UPDATE: EUR Primary Weekly Supply

Feb-16 14:20
Bond Type Issuer Exp Rating Ticker B'mark Amount (bn) Spread (bp) Δ IPT (bp) BBG NIC (bp) Cover (x)
Banks (Sr Bail-In) RAIFFEISEN BANK INTL BBB RBIAV 4 5/8 08/21/29 MS 0.50 195 40 N/A 7.2
Banks (Sr Pref) BPER BANCA BB+ BPEIM 4 1/4 02/20/30 MS 0.50 160 40 N/A 4.8
Banks (Sr Unsec) MIZUHO FINANCIAL GROUP A- MIZUHO 3.98 05/21/34 MS 0.75 130 38 20bp 3.5
Banks (T2) BPCE SA BBB BPCEGP 4 7/8 02/26/36 MS 0.50 230 40 N/A 11.2
Capital Goods SIEMENS FINANCIERINGSMAT AA- SIEGR 3 11/22/28 MS 1.00 35 35 12bp 2.5
Capital Goods SIEMENS FINANCIERINGSMAT AA- SIEGR 3 1/8 05/22/32 MS 1.25 55 35 11bp 2.6
Capital Goods SIEMENS FINANCIERINGSMAT AA- SIEGR 3 3/8 02/22/37 MS 1.25 73 37 12bp 3.3
Capital Goods SIEMENS FINANCIERINGSMAT AA- SIEGR 3 5/8 02/22/44 MS 1.50 103 37 16bp 4.0
Consumer Staples UNILEVER FINANCE A+ UNANA 3 1/2 02/15/37 MS 0.60 75 38 10bp 5.0
Consumer Staples UNILEVER FINANCE A+ UNANA 3 1/4 02/15/32 MS 0.60 55 38 0bp 4.6
Covered BANCO BPI SA AAA BPIPL 3 1/4 03/22/30 MS 0.50 64 6 N/A 5.7
Covered SR-BOLIGKREDITT AS AAA SRBANK 3 1/8 02/19/32 MS 0.50 44 4 -2bp 2.1
REIT KLEPIERRE SA BBB+ LIFP 0 09/23/33 MS 0.60 130 35 TBD TBD
Services ALD SA A- ALDFP 3 7/8 02/22/27 MS 1.00 105 23 9bp 2.4
Services SECURITAS TREASURY IRELA BBB SECUSS 0 02/23/30 MS 0.50 115 43 TBD TBD
TelCo VERIZON COMMUNICATIONS BBB+ VZ 3 1/2 06/28/32 MS 1.00 90 35 -4bp 2.3
TelCo VERIZON COMMUNICATIONS BBB+ VZ 3 3/4 02/28/36 MS 1.00 108 37 2bp 3.4
Utilities SNAM SPA BBB+ SRGIM 3 3/8 02/19/28 MS 0.50 70 43 1bp 5.8
Utilities SNAM SPA BBB+ SRGIM 3 7/8 02/19/34 MS 1.00 120 33 12bp 2.1
Utilities STATNETT SF A+ STATNE 3 3/8 02/26/36 MS 0.50 68 37 19bp 3.8
Utilities UNITED UTILITIES WAT FIN A- UU 0 05/23/34 MS 0.65 110 30 TBD TBD

Historical bullets

MNI: US DEC INDUSTRIAL PROD +0.1%; CAP UTIL 78.6%

Jan-17 14:16



  • MNI: US DEC INDUSTRIAL PROD +0.1%; CAP UTIL 78.6%
  • US NOV IP REV TO +0.0%; CAP UTIL REV 78.6%
  • US DEC MFG OUTPUT +0.1%

USD: BofA: USD Off To A Hot Start

Jan-17 14:14

Bank of America note that “the USD has rallied against all G10 currencies in early ‘24.”

  • They see several reasons for this, including: “the exuberant "pricing to perfection" of a soft landing scenario and the possibility that any Fed cuts priced for a harder landing scenario are not USD negative; a mixed reading of recent US labor and inflation data; recent Fed communication striking a more balanced tone than the December FOMC; the fact that other central banks are similarly (albeit more modestly) being priced for faster/deeper easing in 2024; and ongoing geopolitical concerns.”
  • “While we see the USD depreciating broadly this year, it could still take some time, and our forecasts call for greater moves in H2. Current Fed pricing is excessive, but a normalized inflation environment and eventual rates cuts should still allow for greater FX valuation adjustments to finally occur, even as most other central banks are also cutting.”
  • “But until we get even more signs that inflation is comfortably pointing towards central bank targets, the timing and pace of USD depreciation can remain less certain.”

STIR: Further Moderation Of 2024 ECB Cut Pricing On US Data

Jan-17 14:10

The strong US retail sales print sees a further moderation in the degree of rate cuts priced into ECB-dated OIS, with 138bps of easing priced through 2024 at typing (vs. a post-data extreme of 136bps and vs. 140bps earlier this morning).

  • The remainder of today's ECB-speak is unlikely to move the needle further, with Lagarde (scheduled at 1515GMT) and Nagel (1830GMT) already having spoken in recent days.
  • The Euribor strip is off post-data lows, but remains -4.5 to -9.0 ticks, with Whites/Reds under the most pressure.


Meeting Date ESTR ECB-Dated OIS (%) Difference Vs. Current Effective ESTR Rate (bp)
Jan-24 3.904 0.00
Mar-24 3.861 -4.3
Apr-24 3.702 -20.2
Jun-24 3.413 -49.1
Jul-24 3.157 -74.8
Sep-24 2.909 -99.5
Oct-24 2.716 -118.8
Dec-24 2.527 -137.7