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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bunds opened on a catch-up to late strength in treasuries and stayed firm for most of the session, with dovish RNZB overnight also helping. DBRs / USTs left -4/+0bp. US CPI is the main event tomorrow.
  • Stocks moved higher over the session, with European equities correcting some recent weakness. SPX / SXXP left +0.2/+0.8%. €IG issuer equities mirrored SXXP at +0.8% with Real Estate strongest at +2%. Notable movers include Aroundtown +7%, Enagas +6%, Mobico +6%.
  • €IG cash was weaker at the margin, with heavy supply in Financials today. Movers include GSWITCH +6bp with Medical Equipment also heavy; MDT/TMO 3-5 wider. Like yesterday, high beta Real Estate was stronger in places with ARNDTN (5-16) and HEIBOS (1-8) tighter.
  • Primary saw prints from SCRSBE, LOGICR, BZLNZ, CAABNK, CNPFP, LAMON and TPEIR. The ATH FA-backed deal got pulled.
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