April 25, 2024 15:34 GMT
Credit Close
CREDIT UPDATE
• Bund yields close 4bp higher after higher than expected PCE and lower jobless claims.
• Stocks traded lower with drag from Meta / Tech for the S&P, with a leg lower post US data. Communications and Consumer Discretionary were the other weak sectors in the €IG Issuer basket, with all sectors red. SPX / SX5E left -1.3% / -0.7%.
• €IG cash is closing around 1bp wider on average. AALLN 7-13 tighter following the BHP approach. MCGLN (+8) remains under pressure following CFO departure after delayed earnings which still disappointed.
• CDS indices close wider on risk off with Main / XO +0.8/+5.8.
• Primary saw just Werfen and Nationwide in IG, Ion in sub fins.
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