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CREDIT UPDATE: Midday Wrap

CREDIT UPDATE
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  • €IG is not giving clear direction (continuing this weeks trend) and only curve mover we see is HEIBOS up to -6bps, the 28s leading.
  • HY movers include Citycon Snrs (-1pt) and perps (-2 to -2.5pts) after a profit waning and CEO departure. United Group (ADRBID) 30/31S -0.6-0.7pts cheaper as it brings a €700 7NC3 mandate - no net supply as it pulls the 26s (+1pt to ~par today) and pays down revolvers.
  • Risk again flat (SXXP +0.3%, S&P futures flat, CDX flat). There are some single name movers; Bayer -7%, Continental AG +7%, Forvia +5% and Mondi +5%.
  • Bunds are reversing 1bp higher as US opens. Macro has been quiet this morning, FOMC minutes after our close and continuing Fedspeak; Logan (non-voter) at 2:15pm London and Daly (’24) at 11pm are the only ones who haven’t spoken recently. US September CPI tomorrow.
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  • €IG is not giving clear direction (continuing this weeks trend) and only curve mover we see is HEIBOS up to -6bps, the 28s leading.
  • HY movers include Citycon Snrs (-1pt) and perps (-2 to -2.5pts) after a profit waning and CEO departure. United Group (ADRBID) 30/31S -0.6-0.7pts cheaper as it brings a €700 7NC3 mandate - no net supply as it pulls the 26s (+1pt to ~par today) and pays down revolvers.
  • Risk again flat (SXXP +0.3%, S&P futures flat, CDX flat). There are some single name movers; Bayer -7%, Continental AG +7%, Forvia +5% and Mondi +5%.
  • Bunds are reversing 1bp higher as US opens. Macro has been quiet this morning, FOMC minutes after our close and continuing Fedspeak; Logan (non-voter) at 2:15pm London and Daly (’24) at 11pm are the only ones who haven’t spoken recently. US September CPI tomorrow.