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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Bunds were lower all session. The BOJ signalled they will stay on hold while markets are volatile, driving risk-on sentiment. DBRs / USTs close +7/+6bp.
  • Stocks took their lead from the Nikkei again, with €IG issuers +2%. All sectors are green led by Financials. Notable movers outside of Japan include VF Corp +14%, UMG +7%, Continental +7%, Novo Nordisk -6%.
  • €IG cash closes 4-5 tighter with the snap back continuing in earnest. The main movers were ELISGP -18, IAGLN -3-15, VZ -5-12, VW -4-13. Real Estate was generally firm. WBD gave back around 5bp of yesterday's rally.
  • CDS also snapped tighter with Main / XO closing at 61.7 / 327, -3.1/-13.
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  • Bunds were lower all session. The BOJ signalled they will stay on hold while markets are volatile, driving risk-on sentiment. DBRs / USTs close +7/+6bp.
  • Stocks took their lead from the Nikkei again, with €IG issuers +2%. All sectors are green led by Financials. Notable movers outside of Japan include VF Corp +14%, UMG +7%, Continental +7%, Novo Nordisk -6%.
  • €IG cash closes 4-5 tighter with the snap back continuing in earnest. The main movers were ELISGP -18, IAGLN -3-15, VZ -5-12, VW -4-13. Real Estate was generally firm. WBD gave back around 5bp of yesterday's rally.
  • CDS also snapped tighter with Main / XO closing at 61.7 / 327, -3.1/-13.