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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Bund yields were slightly higher to reflect risk on ahead of the ECB decision. Neither that nor US economic data brought much market reaction although bunds did bear flatten on Lagarde comments that stressed no pre-commitment to the October decision.
  • Stocks moved in a tight range in the US with their European counterparts catching up to a move higher after our close. SXXP / SPX are left +0.7%/+0.1%. €IG equities close +0.5%. Notable movers include DSV +10%, WBD +10%, Icade +6%, Rentokil -4%.
  • €IG cash closes 1bp tighter. Dispersion was high with quite a few movers both ways. Autos led the tightening, paring back some of yesterday's moves. LKQ was the biggest mover at -11bp with VW, BMW and ROLLS also strong.
  • CDS closes firmly tighter with the roll looming. Main/XO left at 55.3/297 -2.9/-13.
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  • Bund yields were slightly higher to reflect risk on ahead of the ECB decision. Neither that nor US economic data brought much market reaction although bunds did bear flatten on Lagarde comments that stressed no pre-commitment to the October decision.
  • Stocks moved in a tight range in the US with their European counterparts catching up to a move higher after our close. SXXP / SPX are left +0.7%/+0.1%. €IG equities close +0.5%. Notable movers include DSV +10%, WBD +10%, Icade +6%, Rentokil -4%.
  • €IG cash closes 1bp tighter. Dispersion was high with quite a few movers both ways. Autos led the tightening, paring back some of yesterday's moves. LKQ was the biggest mover at -11bp with VW, BMW and ROLLS also strong.
  • CDS closes firmly tighter with the roll looming. Main/XO left at 55.3/297 -2.9/-13.