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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Long rates moved a little higher over the session, with heavy supply hedging cited by our DM team. DBRs / USTs close +4/+5bp.
  • Stocks were little changed with SXXP / SPX -0.1%/-0%. €IG equities close -0.5% weighed by financials, consumer and energy names. Notable movers include Flutter +8%, Helvetia +5%, Global Payments -6%, GM -6%.
  • €IG cash closes fractionally wider. Autos were up to 10 wider with ongoing pressure on the sector. HBRLN was 6-7 wider on supply. RBIAV Tier2 repriced 16-18 tighter on strong primary. VFC tightened 10-15 recovering some of the move since its downgrade. PRXNA tightened 6-8bp on asset sales.
  • Primary was active with deals from BNZLLN, CAIXAB, HBRLN, KESBV, NEPSJ, RBIAV, RTEFRA, PROXBB (hybrid).
  • CDS closes little changed with Main / XO at 59.0/315, +0.2/+0.
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  • Long rates moved a little higher over the session, with heavy supply hedging cited by our DM team. DBRs / USTs close +4/+5bp.
  • Stocks were little changed with SXXP / SPX -0.1%/-0%. €IG equities close -0.5% weighed by financials, consumer and energy names. Notable movers include Flutter +8%, Helvetia +5%, Global Payments -6%, GM -6%.
  • €IG cash closes fractionally wider. Autos were up to 10 wider with ongoing pressure on the sector. HBRLN was 6-7 wider on supply. RBIAV Tier2 repriced 16-18 tighter on strong primary. VFC tightened 10-15 recovering some of the move since its downgrade. PRXNA tightened 6-8bp on asset sales.
  • Primary was active with deals from BNZLLN, CAIXAB, HBRLN, KESBV, NEPSJ, RBIAV, RTEFRA, PROXBB (hybrid).
  • CDS closes little changed with Main / XO at 59.0/315, +0.2/+0.