Halister News

(Bloomberg) -- The day of reckoning has arrived as the U.K. votes in the EU referendum. Credit mkt volumes expected to be very light today with many traders having reduced risk in recent days to run as flat as possible, Bloomberg strategist Simon Ballard writes.

• Mixed mkts in Asia o/night, cautious tone to Eur credit mkts at open this morning; sentiment on hold for next 24 hours
• Risk Appetite Model continues to edge optimistically tighter
• CDX IG closed +0.1bps at 78.49 in overnight session; iTraxx Asia Ex Japan IG currently -1.9bps at 138.13

NEWS

• Corporate News
• Tesco 1Q U.K. LFL Sales Beat Estimates
• VW’s Second-Biggest Owner Declines to Back Winterkorn, Diess
• DS Smith FY Adjusted EPS Ahead; Positive Start to Current Year
• AB InBev Will Speed Distell Share Sale to Secure SABMiller

• Financial News
• Danske Bank Blames Directive Confusion for Debt Sale Stalemate
• RBNZ Says Inflation Expectations Help Explain Prices Puzzle

• Credit Rating News
• Fitch Affirms Navistar and NFC at ’CCC’

• Other News
• Japan Negative Rates Drive Biggest Lenders From Overnight Market
• Norwegian $40 Billion Bond Manager Is Betting on Corporate Debt

NEW ISSUES

• No New Syndicated Issues Wednesday
• 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.