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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bunds were little changed over the morning. Despite slightly higher-than-expected German CPI rates rallied a little in the afternoon with lower US house prices. Gains pared back a little despite higher JOLTS. DBRs / USTs close -2 / -1bp.
  • Stocks fared better in Europe with SXP / SXXP left flat/+0.6%. €IG issuers close +0.5% led by Financials. Notable movers include StanChart +7%, Merck & Co -9%, Corning -8%.
  • €IG cash closes unchanged. ANESM widened 4-5bp following earnings. VW has been soft 2 sessions in a row, possibly on nerves into earnings Thursday. ELOFR was looking at a 4th straight drop before a turn intraday, to close as much as 2.75pts up.
  • IG primary saw just Lloyds print a holdCo deal with a drive-by from Crown in the upper end of HY.
  • CDS closes a touch wider with Main / XO at 55.3 / 299, +0.4/+1bp.
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