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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bunds traded in a very tight range all day with a tightening bias. DBRs/USTs close -3/-4bp.
  • Stocks weakened slightly, giving back gains from yesterday. €IG equities are -0.4% with Energy weakest on Oil sentiment. Notable movers include Medtronic +3%, Coloplast -5%, BT -7%.
  • €IG cash closes unchanged. BMW was up to 6 wider on supply. HEIBOS was firm again, up to 18bp tighter. PBBGR was the top performing bank at 9 tighter.
  • In HY, Jaguar rallied up to 1pt on the 2 notch S&P upgrade. Walgreens was up 50c continuing its recovery post refinancing. Elo fell around 50c with Intermarche also heavy.
  • Primary was busy with deals from BMW, Mizuho, Erste, Svenska Handelsbanken, BNP Paribas (Tier 2) and Merck (Hybrid).
  • CDS closes wider with Main / XO at 54.1/295, +1/+4.

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