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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Bund yields were volatile today, higher on a firmer than expected CPI print which quickly reversed, then rallying on the risk-off move this afternoon.
  • Stocks were higher early in the session before a sharp drop this afternoon with broad based weakness in the US. SXXP / SPX left -0.3% / -1.6%. €IG equities are -0.7%. Notable movers include Commerzbank +16%, Albemarle +8%, Rentokil -20%, Neste -10%.
  • €IG cash had a weak session with spreads almost 3bp wider. Autos were again in focus with moves of up to +24 for LKQ, with RENAUL, GM, F, STLA, VW, BMW and MBGGR in a +8-18bp range. It was a bad day to bring primary with AKZANA +12, HLNLN +10. RNTKLN and NESVFH were up to +12 on lowered guidance.
  • CDS moved wider in the afternoon with stocks. Main/XO close at 58.2/311 +1.1/+4.
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  • Bund yields were volatile today, higher on a firmer than expected CPI print which quickly reversed, then rallying on the risk-off move this afternoon.
  • Stocks were higher early in the session before a sharp drop this afternoon with broad based weakness in the US. SXXP / SPX left -0.3% / -1.6%. €IG equities are -0.7%. Notable movers include Commerzbank +16%, Albemarle +8%, Rentokil -20%, Neste -10%.
  • €IG cash had a weak session with spreads almost 3bp wider. Autos were again in focus with moves of up to +24 for LKQ, with RENAUL, GM, F, STLA, VW, BMW and MBGGR in a +8-18bp range. It was a bad day to bring primary with AKZANA +12, HLNLN +10. RNTKLN and NESVFH were up to +12 on lowered guidance.
  • CDS moved wider in the afternoon with stocks. Main/XO close at 58.2/311 +1.1/+4.