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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Bund yields opened higher but staged an impressive recover to close a touch lower on the day. DBRs / USTs close -1bp. We had a big move tighter in swap spreads with 5Y around 3bp tighter.
  • Stocks ticked slightly higher over the day, recovering some of Friday’s weakness, with SXXP / SPX left +0.8%/+0.6%. €IG equities are +0.7%. Notable movers include Sartorius +5%, CNH Industrial +4%, Elis -4%.
  • €IG cash is unchanged. MCGLN widened 28bp post Moody’s 2-notch downgrade. PBBGR was up to 28bp tighter, with pockets of strength in high beta REITs again.
  • Close closes tighter with stocks. Main/XO close at 55.6/302 -0.7/-4.
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