April 26, 2024 15:19 GMT
Credit Close
CREDIT UPDATE
• Bund yields close 6bp lower reversing yesterday’s weakness. The rally mostly came post PCE despite the headline number; it seems market expectations were higher after yesterday's data.
• Stocks put in a firm overnight bounce following big tech earnings. SPX / SX5E left +1.0% / +1.4%. Of the €IG issuer basket all sectors finished green with Real Estate the best performer.
• €IG cash is mixed but closing largely unchanged overall. No real single name outliers today; AALLN held onto yesterday’s gains despite rejecting the BHP proposal.
• CDS indices close tighter with risk on; Main / XO -2.4/-11.• Primary saw just high rated Danone and Rabobank.
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