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While underlying risk markets are clearly jittery on account of increasing uncertainty pertaining to next week's US election, you wouldn't necessarily get that impression from looking at the performance of recent FIG deals this morning.

Among the better performers over the past 24-hours are recent 5yr green transactions from Rabobank and SocGen which are currently bid 9.5 and 7bps inside their respective reoffer levels, reflecting an ongoing bid for green product.

Despite those signs of selective positivity, the FIG sector is yet to see any fresh supply in the single currency this week though. That said, with last week's EUR4.8bn of benchmark sized IG issuance attracting aggregated orders topping EUR12.25bn, there should be some unsatisfied demand still in place.

Not all is rosy in the garden though and standing out as an underperformer once again is Unicredit's 10yr senior trade which has now widened by 13bps compared the levels seen Monday morning.

That's also being accompanied by fresh pressure on Italian bank stocks today where BMPS was halted earlier this morning to follow yesterday's withdrawal of a rescue plan with ex-minister Passera citing a lack of cooperation.

More broadly, pressure on Italian assets this week also comes as the formation of a government in Spain at the weekend is seen as leaving Italy as the premier provider of near term European political risk, with thoughts increasingly on the Dec 4th vote on constitutional reform, the outcome of which remains too close to call.

IssuerDealRe-offer spreadCurrent spread & change vs previous dayRating
SOCGEN0.125% 10/2021MS +30MS +23 (-1.5)A2/A
RABOBK0.125% 10/2021MS +28MS +18.5 (-2)Aa2/AA-
WSTP0.25% 01/2022MS +35MS +34 (-1.5)Aa2/AA-
BPCEGP0.375% 10/2023MS +38MS +38 (-1.5)A2/A/A
KBCBB0.75% 10/2023MS +65MS +62.5 (-0.5)Baa1/BBB+/A-
C0.75% 10/2023MS +70MS +73 (-0.5)Baa1/BBB+/A
AVLN0.625% 10/2023MS +60MS +57.5 (-1)A3/A
GS1.25% 8.5NC7.5MS +105MS +106 (+1.5)A3/BBB+/A
BX1.00% 10/2026MS +83MS +90.5 (-1.5)
A+/A+
UCGIM2.125% 10/2026MS +173MS +190.5 (+5)Baa1/BBB-/BBB+
MS1.375% 10/26MS +108MS +110 (unch)A3/BBB+/A
WSTP0.875% 04/2027MS +50MS +44 (-1.5)Aa2/AA-
BPCEGP1.00% 10/2028MS +60MS +50.5 (-1)A2/A/A
C1.50% 10/2028MS +95MS +97 (unch)Baa1/BBB+/A

Sub

CNPFP1.875% 10/2022MS +190MS +160 (+0.5)BBB+
BFCM1.875% 11/2026MS+155MS +146 (+1)A3/BBB/A
SEB1.375% 28-23 (12NC7)MS +135MS +136 (-0.5)Baa1/BBB+/A+
ACAFP4.750% 48-28 (32NC12)MS +435MS +401 (+7)BBB-

david.corbell@informagm.com

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