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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bunds traded higher in the morning, correcting some of yesterday's move and helped by lower oil. UMich took yields slightly higher again, closing little changed with DBRs / USTs -1bp.
  • Stocks were broadly little changed with SPX / SXXP -0.2%/+0.3%. €IG equities did better at +0.4% helped by its Financials weighting. Notable movers include Bayer +11%, Amcor -6%.
  • €IG cash closes 1bp tighter. Bayer is 15-22 tighter following the favourable court ruling on Roundup. HEIBOS is 5-9 tighter following results, while Autos are also generally firm.
  • The CDS rally continues with Main / XO at 54.2 / 296, -1.5/-6.

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