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CREDIT PRE-MARKET: European Credit Opening Wrap

CREDIT PRE-MARKET

European opening wrap

  • EGBs: Bund yields fell a few basis points into the US open but then gave that performance back to close broadly flat on the day. UST futures are lower overnight with the curve slightly flatter. Australian CPI came in slightly above expectations with that curve bear-flattening.
  • Bonds: Euro IG/HY indices were both tighter yesterday (-0.7bp/-2bp) on a relatively light news day. Primary continued but was far from blockbusting and relatively easily digested, it seems.
  • CDS: Main/XO closed last night marginally wider (+0.6bp/+2bp).
  • Equities: Little real movement with the €IG issuer basket -0.4% overall with industrials weakest, energy strongest but all in a tight range. SPX/SXXP left +0.1/-0.3%.
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