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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Further weakness in crude underpinned yields this morning, before reversing on firm US data. DBRs / USTs close +0/+1bp.
  • Stocks opened higher following bullish moves in Asia on further China easing measures. SXXP / SPX left +1.1%/+0.3%. €IG equities close +1.1%. Consumer discretionary was the standout sector at +3%. Notable movers include LVMH +9%, Kering +9%, Sartorius +8%, Prosus +7%, Forvia +7%, Celanese +7%, Teleperformance -5%, Aker BP -5%.
  • €IG cash close 0.5bp tighter. SWFP +9bp on potential M&A. VFC recovery continued, 9-11bp tighter. IWGLN tightened 11bp, RBIAV 33 was another 10bp tighter following yesterday’s move.
  • Primary was quieter with BAWAG and ASSGEN in the market as well as small deals from APCLPR and ALTAFP.
  • CDS close tighter with Main / XO at 57.8/309 -1.2/.6.
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  • Further weakness in crude underpinned yields this morning, before reversing on firm US data. DBRs / USTs close +0/+1bp.
  • Stocks opened higher following bullish moves in Asia on further China easing measures. SXXP / SPX left +1.1%/+0.3%. €IG equities close +1.1%. Consumer discretionary was the standout sector at +3%. Notable movers include LVMH +9%, Kering +9%, Sartorius +8%, Prosus +7%, Forvia +7%, Celanese +7%, Teleperformance -5%, Aker BP -5%.
  • €IG cash close 0.5bp tighter. SWFP +9bp on potential M&A. VFC recovery continued, 9-11bp tighter. IWGLN tightened 11bp, RBIAV 33 was another 10bp tighter following yesterday’s move.
  • Primary was quieter with BAWAG and ASSGEN in the market as well as small deals from APCLPR and ALTAFP.
  • CDS close tighter with Main / XO at 57.8/309 -1.2/.6.