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1、June25,201810:33AMGMTRESEARCHDATAEuropeanCreditStrategyYTDReturnSummaryTotalReturnExcessReturn€IGCredit-0.4%-1.3%€IGFinancials-0.7%-1.4%€IGNon-Fins-0.1%-1.2%€HYNon-Fins-0.7%-1.1%€BankSeniorPreferred0.0%-0.6%€BankSeniorBail-in-0.7%-1.6%€LowerTierII-1.3%-1.9%€BankAT1*-2.2%€IGNon-FinSenior0.0%

2、-1.1%€IGNon-FinSubs-1.9%-2.7%€AANon-Fins0.3%-0.8%€ANon-Fins0.0%-1.1%€BBBNon-Fins-0.3%-1.2%€BBNon-Fins-1.2%-1.7%€BNon-Fins0.2%0.0%Note:(*)BloombergBarclays€ContingentCapitalBondIndexSource:Bloomberg,Markit,MorganStanleyResearchMORGANSTANLEYRESEARCHEuropeWhatWe’reWatchingMorganStanley&Co.Inte

3、rnationalplc+What’sNotableThisWeek:SrikanthSankaran·OureconomistsexpectincrementalstepstowardsEuropeanintegrationattheStrategistSrikanth.Sankaran@morganstanley.comEUSummitinthesecondhalfoftheweek.Themeetingwilllikelydeliverasmall+44(0)2076772969federalbudgetandsomesupportforthecreationofthe

4、EuropeanMonetaryMaxBlassFund,intheirview.Onthedatafront,thismorning’sGermanIfobusinesssurveyStrategistshowedafurtherdeclineinbusinessconfidence,reflectingtheincreasedMax.Blass@morganstanley.comuncertaintyaroundtradeandpolitics.Meanwhile,Euroareainflationisexpected+44(0)2076779569tohavepicke

5、dupfurther,reaching2%Y.AronBecker·CreditmarketperformanceremainedmixedwithincreasedprimaryactivityStrategistweighingonsecondarylevels.Incash,seniorspreadsheldinbetteracrossfinsandnon-fins,whilesubordinatedbondslagged.HYwidenedby10bp,translatingAron.Becker@morganstanley.com+44(0)2076770754in

6、toexcessreturnsof-49bp.CDSindicesclosedtheweekwiderleadbyseniorfinancials,whileXoveroutperformed.·EuropeanIGandHYmutualfundsexperiencednetoutflowsequivalentto0.9%and0.3%ofAUM,respectively.Meanwhile,non-financialcorporatesissued€10bnofEURIGand€2bnofEURHYbonds.BBscontinuetounderperformSpreadB

7、asis(bp)BB-BBBB-BB(RHS)200280260175240150220200125180100160Jan-17Mar-17May-17Jul-17Sep-17Nov-17Jan-18Mar-18May-18Source:Markit,MorganStanleyResearchJune25,2018MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,inve