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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Rates continued their trend lower through the session. Markets opened with a risk off bias again, while a weak JOLTs print gave further price support. DBRs / USTs close -6/-4bp.
  • Stocks were pressured by tech sentiment again, although e-minis recovered an opening gap lower over the session helped by the eco data. SXXP / SPX left -1%/+0.1%. €IG equities close -0.3%. Notable movers include Mondelez +5%, ASML -6%, Richemont -6%.
  • €IG cash closes 1.5bp wider. ROLLS (+9) continues to give back performance on the A350 issues. THAMES was up to 1.5pts lower, extending its down move since Friday. $IG looks little changed after a weak session yesterday.
  • Primary continued its run albeit at a slower pace, with some no-gos likely called on a weak open. STGDC, SYK, CCBGBB, ULFP and MONBNK priced €IG deals. HSBC printed dual tranche $AT1.
  • CDS closes well off the wides following a weak open with Main / XO at 54.6 / 298, +0.2/+2.
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