欧美信贷：每周图表包：信贷市场概述

Issuer of report:HSBC Bank plcView HSBC Global Research at:https://www.research.hsbc.comListen to our insightsFind out moreHSBC Global Research PodcastsTom Russell, CFACredit StrategistHSBC Bank plcthomas.russell@hsbc.com+44 20 3359 5666Song Jin Lee, CFAEuropean & US Credit StrategistHSBC Bank plcsongjin.lee@hsbc.com+44 20 7991 5259Dominic KiniGreen Bond & Credit StrategistHSBC Bank plcdominic.kini@hsbcib.com+44 20 7991 5599Fixed IncomeCredit ◆◆◆ Spotlight: YTD performance of key strategiesUSD curve strategiesSource: HSBC, Bloomberg.European sector performanceSource: HSBC,Bloomberg.EUR ratings and curve strategiesSource: HSBC, Bloomberg.SeeGlobal Credit Outlook 2025: Waiting in the wings(18 November 2024) for further details.-10-5051015202530Jan 25Feb 25Mar 25Apr 25Cumulative excess return / dur7-10y v 25y+Sell 25y+ vs Tsy-10-505101520Jan 25Feb 25Mar 25Apr 25Cumulative excess return / durChems v EUR IGUtils v EUR IGFins v Ind (EUR IG)-10-505101520Jan 25Feb 25Mar 25Apr 25Cumulative excess return / dur7-10y A vs BBB EUR CreditHeadline PerformanceBest & Worst IG PerformersCurves1W HeatmapsYTD HeatmapsNew Issue PerformanceUSD CreditHeadline PerformanceBest & Worst IG PerformersCurves1W HeatmapsYTD HeatmapsNew Issue PerformanceGBP CreditHeadline PerformanceBest & Worst IG PerformersCurves1W HeatmapsYTD HeatmapsNew Issue PerformanceCDS IndicesBollinger bandsBasisSkewVolumesFund FlowsCross-currency hedged yields 31Issuance & forecastsAccounting fundamentalsRecent ReportsDisclosure appendixDisclaimerContents 4456891012121314161718202021222324252626272829303234353639 Headline PerformanceEURDaily Spread MovesSource: HSBC,iBoxxEURIndex PerformanceSource: HSBC,iBoxxDayMonTueWedThu-1bp-2bp-1bp-1bpOAS ΔIGOAS(bp)IG109-5bp-4bpIG AAA/AA71-3bp-8bpIG A100-5bp-4bpIG BBB125-4bp-3bpIG 1Y-3Y88-5bp-7bpIG 3Y-5Y105-5bp-4bpIG 5Y-7Y115-5bp-4bpIG 7Y-10Y117-4bp-2bpIG 10Y+109-4bp-1bpYTDΔEURCredit CurvesEURIG SeniorBanks PreferredReal Estate SeniorSource: HSBC,iBoxx7080901001101200Spread (bp)Level1WΔYTDΔ607080901001101200Spread (bp)LevelYTDΔ1WΔ80901001101201301401500Spread (bp)Level1WΔYTDΔ 1W HeatmapsEURRatingsEURSeniorityEURInvestment GradeSectorsSource: HSBC, iBoxxLong/ShortHYHY BHY BBIG AIGIG BBBIG AAA/AAHY CCC←WorstBest→Long/ShortHYAT1Tier 2Banks BailHybridsIns SubBanks PrefIGIns SenNon-Fin Sen←WorstBest→Long/ShortBanksAutosOther FinsHealthcareIGConsumer productsCommunicationsEnergyIndustrialsMaterialsConsumer servicesReal EstateUtilities←WorstBest→ YTD HeatmapsEURRatingsEURSeniorityEURInvestment Grade SectorsSource: HSBC, iBoxxLong/ShortIG AAA/AAIG AIGIG BBBHY BBHYHY BHY CCC←WorstBest→Long/ShortBanks PrefBanks BailTier 2IGNon-Fin SenIns SenIns SubHybridsAT1HY←WorstBest→Long/ShortAutosBanksUtilitiesMaterialsIGReal EstateOther FinsConsumer servicesIndustrialsHealthcareConsumer productsCommunicationsEnergy←WorstBest→ 10New Issue PerformanceRecent EUR IG & HY bond issuesPricingdateTickerCouponFirst callMaturityAmount(mn)28/05/25ABNANV 2.7504/06/2928/05/25AXASA5.7528/05/25PEOPW 3.7504/06/3004/06/3128/05/25DHLGR3.12505/06/3228/05/25EUROB6.62504/06/3128/05/25GLENLN 3.7504/02/3228/05/25MBGGR 2.505/09/2828/05/25MBGGR 3.12505/09/3128/05/25NIBCAP 3.505/06/3028/05/25ONTTFT 2.8504/12/3128/05/25SEB3.12505/11/3127/05/25AMPRIO 305/06/2927/05/25AMPRIO 3.87505/06/3627/05/25AXASA4.37524/01/3524/07/5527/05/25BRITEL3.7503/01/3527/05/25CCEP3.12503/06/3127/05/25CMZB6.62527/05/25MERYFP 404/06/3227/05/25NGGLN3.1503/03/3003/06/3027/05/25NGGLN3.91703/03/3503/06/3527/05/25TPEIR303/12/2703/12/2827/05/25RENAUL 3.37505/06/3022/05/25GLJGR5.2508/04/3022/05/25LUNDC3.37502/06/2922/05/25SIXLTD3.2530/05/3022/05/25XGMRGO715/05/3021/05/25AMT3.62530/03/3230/05/3221/05/25CCBGBB 3.37528/05/3021/05/25CESDRA 3.7528/07/3021/05/25FLUXBB 428/05/3021/05/25JTBANK 4.528/05/3028/05/3121/05/25OTEVFH 3.7528/05/3221/05/25NBNAUS 3.37529/11/3221/05/25RBOSGR 428/05/3721/05/25RBOSGR 2.7528/05/2821/05/25RBOSGR 3.2528/05/3121/05/25RBOSGR 3.7528/05/3421/05/25SPIEFP3.7528/05/3021/05/25SZUGR5.9528/08/3021/05/25SUMIBK 3.57328/05/3221/05/25SUNN4.62515/05/2815/05/3221/05/25SYENS3.37528/05/3121/05/25SYENS428/05/3521/05/25TRIVIU6.62515/07/2715/07/3020/05/25AKEFP4.2527/05/3020/05/25AVLN4.62528/02/3628/05/5620/05/25BAMIIM6.2527/11/3020/05/25ACAFP3.7527/05/3520/05/25DTRGR327/11/2920/05/25DANBNK 3.526/05/3226/05/3320/05/25DUFNSW 4.523/05/2823/05/3220/05/25EDPPL4.527/02/3227/05/5520/05/25KBCBB627/11/3020/05/25KERFP3.12527/11/2920/05/25NOMURA3.45928/05/3020/05/25NOVOB2.37527/05/2820/05/25NOVOB2.87527/08/3020/05/25NOVOB3.12527/05/3320/05/25NOVOB3.62527/05/3720/05/25SANTAN 3.2527/05/3220/05/25TEVA4.12501/03/3101/06/3119/05/25ARRFP2.87514/01/3119/05/25EUROGR 4.05628/02/3702/05/3719/05/25CCAMA4.37526/05/2626/05/3519/05/25ISPIM6.37519/05/25SHRLUX 427/05/35Source: HSBC calculations, Dealogic, Bloomberg.Note:Fixed coupon bonds >=EUR250m. Output excludes HSBC. Ratings in brackets are provisional. IG/HY based on issuer rating. Spreads are bid except for reoffer. Headline PerformanceUSDDaily Spread MovesSo