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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Bunds were well bid in the morning helped by OATs tighter on expected fiscal measures. There was less of a reaction on this afternoon’s geopolitical headlines. DBRs/USTs close -9/-6bp.
  • Stocks proved more sensitive to those headlines with SXXP / SPX -0.5%/-1.2%. €IG equities close -0.7% with Financials and Tech weakest, Energy and Real Estate strongest. Notable movers include Aroundtown +8%, Spanish Banks down 5-6%.
  • €IG cash closes around 0.5bp wider. VW and STLA reversed yesterday’s weakness entirely, up to 13bp tighter; positioning seems to be underweight still. WMG was +10-13bp.
  • CDS closes wider with Main / XO at 59.9/317 +1.0/+6.
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  • Bunds were well bid in the morning helped by OATs tighter on expected fiscal measures. There was less of a reaction on this afternoon’s geopolitical headlines. DBRs/USTs close -9/-6bp.
  • Stocks proved more sensitive to those headlines with SXXP / SPX -0.5%/-1.2%. €IG equities close -0.7% with Financials and Tech weakest, Energy and Real Estate strongest. Notable movers include Aroundtown +8%, Spanish Banks down 5-6%.
  • €IG cash closes around 0.5bp wider. VW and STLA reversed yesterday’s weakness entirely, up to 13bp tighter; positioning seems to be underweight still. WMG was +10-13bp.
  • CDS closes wider with Main / XO at 59.9/317 +1.0/+6.