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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bunds drifted wider initially, despite data releases that weren’t impactful, with impending core supply. Slightly softer CPI reversed the move. DBRs / USTs close -1/-3bp.
  • Stocks were marginally stronger overnight, with SPX / SXXP +0.1/+0.4% currently. €IG equities are +0.4%, with Utilities lagging at -0.6%. Notable movers include Flutter +10%, Kellanova +8%, UBS +6%, Albemarle -6%, RWE -5%.
  • €IG cash closes unchanged. K was 8-13 tighter with the Mars takeover confirmed. GCYGR was 4-6 tighter on 1H results. Nothing from primary.
  • CDS closes firmly tighter with Main / XO at 59.3 / 316, -2.2/-9.

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