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Credit Update – US Open

CREDIT MACRO


  • IG cash spreads are trading little changed at the index level. Main/XO are -0.9/-5.2 after a late move wider Friday.
  • Stocks are mixed with SX5E -0.34%, SPX +0.84%. Tech is leading in the US with no red sectors.
  • Rates are largely unchanged, with EGB supply and upcoming central bank meetings in focus.
  • Most movers are primary driven with DHLGR and EOANGR +2-4, MS+5-6, JPM +3-5.
  • RKTLN is another 3-5 wider, slightly off the wides with management sounding a confident tone on their conference call. ELOFR another 4-10 wider as the downgrade to HY gets digested. PBBGR (+12-16) is giving back some of the recent gains.
  • $IG cash pointing to a firm open, opening ~1bp tighter.
  • Heavy € supply day with the above issuers, as well as HSBC and SABSM Tier2. HY sees refi supply from FNACFP and PROGRP launched.
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