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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bunds were volatile again intraday, with signs of ongoing fear, but finish little changed. USTs saw more of a giveback with equities bouncing firmly there. DBRs / USTs close +0/+7bp.
  • Stocks were generally better with Japanese stocks recovering ground overnight. 9/10 top movers among €IG issuers were Japanese names, along with Baxter +8%. Bayer -6% was a notable faller.
  • €IG cash closes almost 3bp tighter overall with Autos, Airlines, Banks and generally Reverse Yankees bouncing strongly. WBD (18-28 tighter) was the top performer after walking back from break-up plans. Nothing from primary again today. $IG is also firm so far, 1-2 tighter.
  • CDS was quite well bid over the session and closes little changed with Main / XO at 65.3 / 341, -0.1/-0.
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