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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Rates were slightly higher in the morning, but an ISM services miss took yields lower with DBRs / USTs closing -2/-8bp.
  • Stocks opened broadly stronger with support from Tesla and Apple lifting the S&P into yesterday’s close. SPX / SXXP close +0.2%/+0.8%; France sentiment continues to improve, supporting risk locally. Notable €IG single name movers include Grenke and Mobico. €IG issuers were +1% overall with Real Estate strongest.
  • €IG cash traded firm with the index 3-4bp tighter. ERRFP closes 20-26 tighter following a detailed rebuttal from the company, but off the tights due to a new piece from Muddy Waters. ARNDTN (-10 to 12) momentum continues following GYCGR issuance. High yielding recent Real Estate issuer IWGLN also tightened 15bp. THAMES continues to trade poorly, down another 15-55c today.
  • Primary continued at a trickle, with RAI pricing an eye catching 55bp tighter than IPT. Books were firm across the board, with DB and BMO also in the market.
  • CDS was firm all session with another leg tighter into the close, outperforming stocks. Main / XO left -2.8/-12bp.

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