CREDIT BULLETS: Supply resumes but mood cautious
* Monday's risk rebound stalls, partly chalked up to residual political uncertainty and ongoing caution from ECB officials on the pace and timing of rate cuts. Headline inflation in eurozone eased slightly in June but the core rate unexpectedly failed to budge. US index futures currently suggest a weaker Wall Street open ahead of the JOLTS survey for May which is seen easing to its lowest level since Feb 2021
* Stoxx600 -0.8% at worst, more than scrubbing Monday's 0.32% gain. Financials lead losses
* Govvies: European yields reverse an early fall. OATs underperform with 10 & 30yr French yields rising for a fifth straight day to new long-term highs
* Primary: Activity is picking up on Tuesday where all asset classes are seeing their first EUR supply of the month
* CORP SNAPSHOT: Supply restarts but pace measured
* FIG SNAPSHOT: H2 up and running
* Ahead: Speakers at ECB forum include Fed and ECB chiefs. S&P futures -0.4% and Nasdaq futures -0.5%
Live deals/updates
| Date | Issuer | Deal Type | CCY | Amount (mn) | Maturity | Initial Price Talk | Latest Px Talk | Final Pricing | Book Size (mn) |
| 02-Jul | Canadian Imperial Bank of Commerce (CIBC) | Senior unsecured | EUR | TBD | 09/07/2029 | m/s+110-115 | - | - | 1,000 |
| 02-Jul | DZ HYP | Green Bond, Covered | EUR | 500 | 20/09/2028 | m/s+26a | - | m/s+20 | 2,450 |
| 02-Jul | Grand City Properties SA | EUR | TBD | 09/01/2030 | m/s+235a | - | - | 1,500 | |
| 02-Jul | Kreditanstalt fuer Wiederaufbau (KfW) | EUR | 100 | 10/12/2025 | - | KfW+10 | No Books | ||
| 02-Jul | New York Life Global Funding | FABN | EUR | TBD | 09/07/2027 | 3mE+60-65 | - | 3mE+45 | 925 |
| 02-Jul | Raiffeisen Bausparkasse Gesellschaft m.b.H. | Covered | EUR | 300 | 10/07/2029 | m/s+65a | - | m/s+55 | 1,100 |
| 02-Jul | Rentenbank | EUR | 1,250 | 09/07/2031 | m/s+13a | - | m/s+12 | 1,550 | |
| 02-Jul | Republic of Chile | Social Bond | EUR | TBD | 09/07/2031 | m/s+130a | - | - | Awaiting Update |
| 02-Jul | International Finance Corporation (IFC) | GBP | TBD | 22/10/2029 | SONIA m/s+30a | - | - | 500 | |
| 02-Jul | European Investment Bank (EIB) | Green Bond | USD | 4,000 | 10/10/2031 | SOFR m/s+48a | - | SOFR m/s+46 | 21,000 |
Added to the pipeline
| Date | Issuer | CCY | Notes |
| 02/07/2024 | Deutsche Bank AG | EUR | 500m wng 4NC3 social SNP |
| 02/07/2024 | Mangrove LuxCo III S.à r.l. | EUR | 425m 5NC1 snr sec FRN |
| 02/07/2024 | Zavarovalnica Triglav d.d. | EUR | SIZE: 100m exp 20.5NC10.5 Tier 2 |
Key economic data / events so far
* UK Jun BRC Shop Price Index YoY below f/c at 0.2% (exp 0.5%, prev 0.6%)
* IT May Unemployment Rate below f/c at 6.8% (exp 6.9%, prev rev to 6.8%)
* EC Jun P CPI YoY matched f/c at 2.5% (prev 2.6%)
* EC Jun P CPI Core YoY above f/c at 2.9% (exp 2.8%, prev 2.9%)
* EC May Unemployment Rate matched f/c and prior at 6.4%
Auctions
* UK sold GBP4bn 2027 bonds gilts at 4.441%, b/c 3.26
* Germany allotted a total of 987m 2030 green and 2050 green bunds at 2.47% & 2.74% respectively
Ahead
* ECB Forum on Central Banking in Sintra - Fed's Powell & ECB's Lagarde scheduled to speak (14:30)
* US May JOLTS Job Openings (15:00)
All times BST