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1、05101520Jan17Apr17Jul17Oct17Jan18Apr18CSPPIneligibleeligibleSpreadBasis(bp)EURIGNonFinSnrEURIGNonFinSnrExItaly€IGCredit1.0%1.3%€IGFinancials1.3%1.6%€IGNonFins0.7%1.1%€HYNonFins0.7%0.9%€BankSeniPreferred0.6%0.8%€BankSeniB

2、ailin1.6%1.9%€LowerTierII1.8%2.1%€BankAT12.7%€IGNonFinSeni0.7%1.0%€IGNonFinSubs1.7%2.0%€AANonFins0.5%0.9%€ANonFins0.6%1.0%€BBBNonFins0.8%1.2%€BBNonFins1.3%1.5%€BNonFins0.2%0.1%ExcessReturnTotalReturnWhat’sNotableThisWeek

3、:?Thursday’sECBmeetingwilllikelybeinfocusthisweek.OureconomistsexpectaQEtaperannouncementonlyinJulyalthoughtheyseeanincreasedprobabilityofamedecisiveshiftincommunicationthisweek.IntheUKtheCommonswillreviewtheLds’15amendm

4、entstotheWithdrawalBill.?EuropeancreditperfmancewasmixedlastweekarenewedwideninginBTPsabroaderdeteriationinrisksentiment.CDSindicesunderperfmedcashwithcontinuedweaknessinItalianfinancials.ThetrendsweresimilartotheMaysell

5、offwithmemutedpriceactionoutsidethiscoht.LookingaheadweremainbearishexpectwiderbankspreadsCSPPtapertoweighonthebroadercreditvaluationseventuallyfundamentals.FmedetailsseePeripheralInconsistencies.?EuropeanIGHYmutualfunds

6、bothexperiencedcontinuedoutflowsof0.5%ofAUMlastweek.MeanwhilesupplyresumedataslowpacewithEURIGHYnonfinancialsissuing€4bn€1bnrespectively.YTDReturnSummaryNote:()BloombergBarclays€ContingentCapitalBondIndexSource:Bloomberg

7、MarkitMganStanleyResearchEuropeanCreditStrategyWhatWe’reWatchingJune112018RESEARCHDATAMganStanleydoesseekstodobusinesswithcompaniescoveredinMganStanleyResearch.Asaresultinvestsshouldbeawarethatthefirmmayhaveaconflictofin

8、terestthatcouldaffecttheobjectivityofMganStanleyResearch.InvestsshouldconsiderMganStanleyResearchasonlyasinglefactinmakingtheirinvestmentdecision.FanalystcertificationotherimptantdisclosuresrefertotheDisclosureSectionloc

9、atedattheendofthisrept.=AnalystsemployedbynonU.S.affiliatesarenotregisteredwithFINRAmaynotbeassociatedpersonsofthemembermaynotbesubjecttoNASDNYSErestrictionsoncommunicationswithasubjectcompanypublicappearancestradingsecu

10、ritiesheldbyaresearchanalystaccount.MORGANSTANLEYRESEARCHEuropeMganStanleyCoveredsarenotincludedintheFinancialsIndex.ExcessReturnsrepresentthetotalreturnsoverabovedurationmatchediBoxxBundGiltindicesrespectivelyExcessRetu

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