EU CREDIT DAILY: Election Nerves; SocGen, CS Surprise Profits
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Global risk assets remain hostage to U.S. election uncertainty. No capitulation among corporate bond investors but credit market sentiment does seem set to remain defensive in the run-up to the November 8 election, Bloomberg strategist Simon Ballard writes.
Alert: HALISTER1- November FOMC statement left the door open to possibility of a hike in December; amid a pick up in inflation, rates market to stay susceptible near-term to macro/political headlines
- Corporate earnings season approaching critical mass; SocGen beat estimates earlier, Credit Suisse surprise profit among key results Thursday
- Asian credit markets weaker overnight, suggest softer bias to EUR risk at the open later
- Risk Appetite Model showing small pre-U.S. election nerves showing
- Bloomberg Barclays Eur-Agg Corporate index closed Wednesday at 111bps (+2bps); Bloomberg Barclays Eur HY index closed at 387bps (+8bps)
- CDX IG closed +0.1bps at 80.01; iTraxx Asia Ex Japan IG is currently +0.7bps at 118.56 and iTraxx Australia quoted +1.1bps at 106.50
- Corporate News
- Repsol Profit Almost Doubles as Cost Cuts Counter Low Oil Prices
- Randgold 3Q Profit Up 58% From Year Before, Reaffirms 2016 View
- Coca-Cola HBC 3Q Volume Falls 1%; Confident in FY Expectations
- Morrison Sales Beat Estimates on Record Sales of Halloween Candy
- Glencore Copper, Zinc Output Drops, Narrows FY Guidance
- Tate & Lyle 1H Revenue in Line, Sees FY Adj. Pretax Higher
- ProSiebenSat.1 3Q Revenue Misses; Confirms Positive FY Outlook
- Hermes 3Q Total, Leathergoods Sales Growth Beats Estimates
- DSM 3Q Results Solid, Wording in Outlook ‘a Bit Better’: Kepler
- Financial News
- ING Quarterly Profit Beats Estimates on Lending, Investments
- SocGen Profit Beats Estimates on Trading, Lower Provisions
- Credit Suisse Posts Surprise Profit as CEO Continues Cost Push
- ANZ Bank Annual Profit Falls to Five-Year Low A$5.9 Billion
- Lombard Odier Hires Eight for Hedge Fund Team From Henderson
- UniCredit May Cut Board Seats to 15, Repubblica Reports
- Rating News
- S&PGRBulletin: ANZ Group Rtgs Unaffected By Full-Year Results
- S&PGR Assigns ’BBB-’ Rating To Gansu Highway; Otlk Stable
- Other News
- Fed Gives Subtle Nod on December Hike As Election Roils Markets
- PBOC Switches to Selective Tightening to Curb Financial Risks
- Brexit Keeps Brits Off Europe’s Ski Slopes as Pound Drop Bites
- It seems like we are playing out to every headline. Or every opinion poll that emerges from the U.S.: creditmarketdaily.com
- Statoil Total EU1.2b EU10Y, 20Y Bonds
- Abertis Infraestructuras EU500m 2/2027 MS +75
- Fonterra Co-Operative Group EU350m 8Y MS +55
- G4S International Finance EU500m Long 6Y MS +140
- Dover Corporation EU600m 10Y MS +85
- EIB EU500m 0% 3/15/2024 MS -27
- KfW GBP650m 1.125% 12/2019 Tap UKT +30
- State of Berlin EU250m 0.625% 8/2036 Tap MS Flat
- Lower Saxony EU250m 0% 8/2024 Tap MS -19
- Aroundtown Property EU500m PNC6.25 Hybrid MS +437.5
- Ladbrokes Group Finance GBP400m 9/2023 5.125%
- European IG credit pipeline here and HY credit pipeline here
- Issuers exposed to S-T rollover and interest-rate reset risk here
- NOTE: Simon Ballard is a credit strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Source: BFW (Bloomberg First Word)
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UUID: 7947283