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** Corrects pipeline to clarify NAB EUR transaction is senior **

  • EU risk sentiment continues to wane as markets remain wary ahead of the US Presidential election next week, taking some of the focus off US NFPs due this afternoon; Eurozone Oct final Services PMI missed expectations (see below)

  • Stoxx600 slumps 1.0% as at 11.16 led lower by financials (-1.79%) as Erste shares dropped heavily after the bank said profitability will decline in 2017; FTSE100 the biggest loser on the back of stronger GBP

  • Brent remains in the red, down 0.28% at USD46.22 albeit off worst levels as at 11.17. That puts the current weekly loss at 7.2% having closed lower throughout the week

  • Govvies - broad risk-off sentiment gives core EGBs a lift and sees 10s-30s curves broadly bear flatten (bar Gilts), while Italy and Portugal buck the trend

  • Asian stocks traded lower with Nikkei down 1.34% after Thursday's holiday, Hang Seng -0.18% and Shanghai Comp -0.12%

  • EPFR fund flows - Euro IG inflows accelerate, HY sees modest outflows

  • Primary - NAB forms sole benchmark deal of the day with 2-parter covered deal (see details below)

  • Performance check on Thurs Euro deals (bp change from reoffer) � Corps: BASGR 0% 11/20 +0.5, BASGR 0.75% 11/26 unch, RENAUL 0.625% 11/21 +1, CAPFP 0.5% 11/21 -2. FIG: SRBANK 0.375% 02/2022 unch

  • iTraxx indices follow risk-off tone in equities with Main +1.1 at 76.7 and Crossover +4.0 at 340.6 as at 11.19

  • Afternoon - Watching US NFPs with a figure in line with forecast or stronger to cement bets for a Fed Dec rate hike; S&P500 called flat

New deals in the pipeline / updates




250m n/g Nov 2028 at UKT +230-235; Lloyds; exp A+




bmk 5yr cvrd at UKT +65a IPTs; CS/NAB/Nomura; Aaa/AAA




bmk 7yr senior @ m/s +50a IPTs; CS/DB/JPM/NAB; Aa2/AA-/AA-

Key economic data / events so far

  • SP Oct Markit Services PMI missed at 54.6 (exp 55.0, prev 54.7)
  • IT Oct Markit Services PMI missed at 51.0 (exp 51.5, prev 50.7)
  • FR Oct Final Markit Services PMI upgraded to 51.4 (flash est 52.1, prev 53.3)
  • GE Oct Final Markit Services PMI upgraded to 54.2 (flash est 54.1, prev 50.9)
  • EC Oct Final Markit Services PMI downgraded to 52.8 (flash est 53.5, prev 52.2)
  • EC Sep PPI YoY firmer-than-expected at -1.5% (exp -1.7%, prev -1.9%r)

Government auctions

  • There are no significant term auctions in Europe or US on Friday 04th November.

On the agenda later

  • 11 S&P500 companies report
  • Fed's Lockhart (12.30)
  • US Oct Non-Farm Payrolls seen at 173k from 156k, Unemployment Rate seen tad softer at 4.9% from 5% (12.30)
  • US Sep Trade deficit seen narrowing to USD38.0bn from USD40.7bn (12.30)
  • BoE's Forbes (14.45)
  • ECB's Constancio (17.00)
  • Fed's Kaplan (17.00)
  • Fed's Fischer (20.00)
  • ECB's Angeloni (20.45)

All times GMT

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