HALISTER1: EU CREDIT DAILY: Robust Dynamics; Auto Emissions, NAB Court, BHS

EU CREDIT DAILY: Robust Dynamics; Auto Emissions, NAB Court, BHS

(Bloomberg) -- Sentiment may remain robust this week as market continues to price in potential demand from the ECB’s corporate-sector purchase plan, though commodity-price and macro uncertainty may spur volatility, Bloomberg strategist Simon Ballard writes.
  • FOMC and BOJ meetings this week will also hold investor focus
    • Market on lookout for guidance on Fed tightening trajectory and further BOJ policy accommodation
  • Geopolitics driving sentiment as investors watch Brexit polemic, U.S. election; far right Freedom party won in first round of Austrian elections this weekend
  • ECB dynamics exacerbating already robust Risk Appetite Model
  • CDX IG currently -0.2bps to 73.44 in overnight session; iTraxx Asia Ex Japan IG is currently +1.83bps to 139.42
NEWS
  • Corporate News
  • Carmakers Brace for Tougher Emissions Scrutiny After Scandals
  • Volvo Cars CEO Says Emissions Rules Need to Be More Realistic
  • Eurofins 1Q Rev. Rises 48% to EU582m; Mid-Term Outlook Positive
  • Ball to Sell Beverage Can Assets to Ardagh for $3.42 Billion
  • U.K. Retailer BHS Poised to Enter Administration, Report Says
  • Financial News
  • Nordic Banks Warn Brexit Adds to Extreme Negative Rate Scenarios
  • Woman takes banking giant NAB to court over alleged fraudulent loans
  • Credit Rating News
  • Anton Faces High Near-Term Liquidity, Refinancing Risks: Fitch
  • Other News
  • Most Dangerous Bond Market in History Divides BlackRock, Allianz
  • Europe’s Consumers Are Silver Lining to Gloomy Profit Outlook
ANALYST VIEWS
  • We potentially have the biggest-ever player about to rock up, in price insensitive fashion, lifting what He can of the IG rated non-financial corporate bond universe. And He can do it for an indefinite period: creditmarketdaily.com, referring to the ECB
NEW ISSUES
  • Goldman Sachs EU1.5b 3Y FRN 3mE +70
  • Nationwide BS EU1.25b 3.5Y MS +63
  • KFW GBP300m 1.125% 12/2019 Tap UKT +39
  • 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.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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