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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bunds traded firmly through the session, with a bid following geopolitical developments in poor liquidity adding to momentum towards recent highs. DBRs / USTs close -4/-2bp.
  • Stocks held up well despite those events, with SXXP opening higher before a slight afternoon fade. €IG issuers close -0.4% weighed by Consumer Staples mainly but with only Healthcare, Real Estate and Utilities in the green. Notable movers include Philips +14%, Maersk +5%, Reckitt Benckiser -8%, Heineken -8%, Stellantis -5%.
  • €IG cash closes unchanged. EDENFP and AZN widened 5-6bp on supply, RKTLN widened up to 7bp following ABT’s lost baby formula court case. THAMES slipped 30-130c after a recent bounce, with the government reasserting its no-nationalisation stance for now. ELOFR was weak again, up to 2pts lower with the earnings call replay available. CPIPGR fell 50c following the Moody’s downgrade.
  • CDS closes wider, with Main / XO at 55.1 / 298, +0.9/+3.

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