EU CREDIT RATING: Volvo Car (VOVCAB Ba1neg/BB+neg/-): S&P Outlook Negative
May-30 08:00
"Volvo Cars Outlook Revised To Negative On Difficult Market Conditions; 'BB+' Rating Affirmed" - S&P
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MNI: GERMANY NRW APR CPI +0.4% M/M, +1.8% Y/Y
Apr-30 08:00
- MNI: GERMANY NRW APR CPI +0.4% M/M, +1.8% Y/Y
MNI: BAVARIA APR CPI +0.4% M/M, +2.1% Y/Y
Apr-30 08:00
- MNI: BAVARIA APR CPI +0.4% M/M, +2.1% Y/Y
SWAPS: German ASWs Little Changed
Apr-30 07:56
German ASWs seem fairly reluctant to rally despite the 1-4bp move lower in bond yields. Spreads vs. 3-month Euribor are little changed on the day.
- A more stable risk backdrop, with tariff-related stress easing in recent weeks (despite the lack of any clear resolution and more a result of U.S. President Trump’s moderation in tone and altering of the tariff timetable) removes one leg of support for ASW wideners.
- The prospect of a more dovish ECB, given the recent change in tone from several Governing Council members, as well as continued focus on the medium-term uptick in bond supply, could be providing 2 sources of structural pressure for spreads.
