CREDIT BULLETS: Pipelined issuers provide focus on FOMC day
* EU stocks are staging a modest rebound which is so far lasting longer than yesterday's attempt which failed in the face of growing political jitters. EGB yields also ease. Better tone comes after tech-led gains (and record highs) on Wall Street which US index futures are currently holding just ahead of US CPI and FOMC later
* Stoxx600 +0.57% at best (reversing part of Tue's 0.93% fall)
* Govvies: 10yr FR yield up to 3.0bps lower to 3.198% (well off yday's YTD peak of 3.327%). German equivalent falls up to 2.9bps to 2.593%
* Primary: The pace is measured Wednesday with just a handful of names making euro funding plays amid the headline distractions elsewhere. All have emerged after recent roadshows/mandates, with details below
* CORP SNAPSHOT: ITV and K+S emerge with stocks in the green
* FIG SNAPSHOT: Improved tone fails to tempt supply
* Performance checker of Tue's EUR benchmark deals (bp spread change from reoffer)
- Corp: EDF 4.125% 06/31 -9, EDF 4.375% 06/36 -8, EDF 4.75% 06/44 -8, STEDIN 3.625% 06/31 -1, KPN 4.875% PNC5.25 +3.5
- Covered: SKIPTN 3.25% 06/29 +1
- FIG: PKOBP (SNP) 4.5% 5NC4 unch
- SSA: EU 3.375% 10/39 -1.5
* Ahead: US monthly headline CPI seen cooling to +0.1% (vs +0.3% prior) while core CPI is expected to maintain the 0.3% MoM rate seen in April. S&P500 futures +0.1% & Nasdaq +0.1%
Live deals
| Issuer | Deal Type | CCY | Amount (mn) | Maturity | Initial Price Talk | Latest Px Talk | Final Pricing | Book Size (mn) |
| Assemblin Caverion Group AB (publ) | Senior secured, FRN | EUR | TBD | 7NC1 | E+low 400s | - | - | Awaiting Update |
| Assemblin Caverion Group AB (publ) | Senior secured | EUR | TBD | 6NC2 | 7%a | - | - | Awaiting Update |
| IPD 3 B.V. (Infopro Digital) | Senior secured, FRN | EUR | 520 | 7NC1 | E+375-400 | E+350a (+/-12.5) | - | Awaiting Update |
| ITV Plc | Senior unsecured | EUR | 500 | 19/06/2032 | m/s+175-180 | m/s+150a | - | 2,100 |
| Investitionsbank des Landes Brandenburg (ILB) | Senior unsecured | EUR | 500 | 18/06/2032 | - | - | m/s+19 | 350 |
| K+S AG | Senior unsecured | EUR | 500 | 19/06/2029 | m/s+190-200 | - | - | Awaiting Update |
| Webuild S.p.A. | Senior unsecured | EUR | 400 | 06/2029 | high 5s | 5.5%a (+/-12.5) | - | Awaiting Update |
Key economic data / events so far
** GE May F CPI YoY (EU Harmonised) confirmed at 2.8%
** UK Apr Monthly GDP MoM beat at 0.0% (exp -0.1%, prev 0.4%)
** UK Apr Monthly GDP 3m/3m matched f/c at 0.7% (prev 0.6%)
** UK Apr Industrial Production MoM missed at -0.9% (exp -0.1%, prev 0.2%)
Auctions
** UK sold GBP900m 2045 linkers at -1.304%
** GE allotted EUR3.34bn 2034 bunds at 2.6% (16.7% retained)
Ahead
** US May CPI (13:30)
** ECB's Guindos (14:00), Nagel (20:00) & Villeroy (20:00)
** FOMC verdict (19:00) & presser (19:30)
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