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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Government yields were slightly higher over the session. Powell’s testimony didn’t have much impact with yields closing at the wides. DBR / UST left +4/+3bp.
  • Stocks were mixed with Europe trading heavy while the US managed small gains. Selling flows were reported in Europe. €IG issuer equities close -0.8% with Industrials and Energy weakest. Notable fallers include Verallia -16%, Albemarle – 7%, Dassault -5%. SPX / SXXP close +0.2/-0.9%.
  • €IG cash held unchanged to a touch better despite risk off in European assets. VRLAFP closed 6-10 wider having been up to 20 wider following its profit warning. Supply from ARNDTN revealed demand for the name, helping it and other high beta Real Estate names HEIBOS and BALDER move from 5 to 25 tighter.
  • Primary saw a very busy session with ALDFP, ARNDTN, IBESM, DE, ABNANV, CMZB, CCAMA and BAAMIIM pricing deals that were generally well received. CMZB did see a big drop at final, which did look aggressive. 
  • CDS was wider with European equities. Main / XO +1.6/+5bp.
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