CREDIT BULLETS: Pipeline grows, trade talks in focus

By Matthew BarrettShare

9th June, 2025

European stocks are little changed in a low-octane session on account of the Whit Monday holiday on much of the continent. Main movement has instead been seen in govvie markets with yields lower across the board. The focus at the start of the new week is on London as high-level trade discussions between the US and China take shape. Treasury Secretary Bessent, Commerce Secretary Lutnick, and Trade Representative Greer will meet with Chinese officials led by Vice Premier He Lifeng. This gathering of heavyweights follows last week's phone conversation between US President Trump and Chinese President Xi, with the attendance roster alone fuelling expectations for positive outcomes. Ahead of that US futures are flat, after a robust performance on Wall Street Friday where the S&P 500 and Nasdaq both surged over 1%
Stoxx600 trades in a narrow +0.08/-0.2% range, dragged down by Tech stocks. In contrast, Real Estate seeing solid gains on Monday
Govvies: EGB yields are lower across the board by around 4-6bps at the time of writing
Primary: It’s a blank start to the week in terms of live deals, but a handful of names have joined the pipeline ahead of what is expected to be an active rest of the week (details below)
CORP SNAPSHOT: Mandates announced on Whit Monday
FIG SNAPSHOT: FABN mandates announced
Ahead: FOMC speakers are already in blackout ahead of next week’s verdict, whilst data is limited to US Apr Final Wholesale Inventories. S&P500 futures +0.1% & Nasdaq futures unch

Live deals

No deals live on Monday 9^th Jun

Fresh in the pipeline

Issuer	CCY	Notes
Alfa Laval Treasury International AB	EUR	Calls 10-Jun; 300m wng 6.25yr
Amphenol Corp	EUR	Calls 10-Jun; bmk SEC-reg 7yr
GA Global Funding Trust	EUR	Calls 10-Jun; bmk 7yr FABN
Luna 2.5 S.a r.l.	EUR	Rdshw 10-12 Jun; 7NC3 SSN
Pacific Life Funding LLC	EUR	Calls 9-10 Jun; bmk 6yr Green FABN
Urenco Finance NV	EUR	Calls 9-10 Jun; 500m wng 10yr
eDreams ODIGEO SA	EUR	Calls 9-10 Jun; 375m 5.5NC2 SSN
ABP Finance PLC	GBP	Calls 9-10 Jun; bmk 12yr SSN

Key Data

JN Q1 F Annualised GDP revised up to -0.2% (flash -0.7%)
CH May CPI higher than exp at -0.1% (f/c -0.2%, prev -0.1%)
CH May Imports/Exports missed at -3.4%/4.8% (f/c -0.8%/6.0%, prev -0.2%/8.1%)

Auctions

No major term auctions scheduled for Monday 9^th Jun

Ahead

US Apr F Wholesales Inventories (15:00)

All times BST

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