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CREDIT UPDATE
  • €IG is continuing this week's trend of mixed moves & will likely leave the index again net <1bp. Weakness in Raiffeisen 30-33's (+7-10bps) - headlines this morning was it's still working on the Strabag deal and a update would come latest by AGM/April 4th - our take was positive. Heimstaden also continuing its reversal wider; +2-6bps today. Weakness outside that was broad based & skewed to financials.
  • Only notable move tighter was from Aroundtown on earnings - 26's ending 10bps tighter but still trading well wide. Consumer curves were generally skewed tighter - may have been a sentiment boost from H&M {HMB SS Equity +15%} earnings - its 29's/31's unch on it despite screening cheap.
  • €IG basket ended a stronger +0.6% (SXXP +0.1%), RE +1.5% dragged up by Aroundtown {AT1 GY Equity +16%}. iTraxx closed -0.6/-3 tighter, belly bunds end -6bps lower. Spanish preliminary March HICP came in slightly softer than expected at +3.2%Y/Y (vs +3.3% cons and +2.9% prior).
  • $IG prints are unch to wider into their afternoon, equities+0.4% while CDX IG is a strong -1.4bps tighter.
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  • €IG is continuing this week's trend of mixed moves & will likely leave the index again net <1bp. Weakness in Raiffeisen 30-33's (+7-10bps) - headlines this morning was it's still working on the Strabag deal and a update would come latest by AGM/April 4th - our take was positive. Heimstaden also continuing its reversal wider; +2-6bps today. Weakness outside that was broad based & skewed to financials.
  • Only notable move tighter was from Aroundtown on earnings - 26's ending 10bps tighter but still trading well wide. Consumer curves were generally skewed tighter - may have been a sentiment boost from H&M {HMB SS Equity +15%} earnings - its 29's/31's unch on it despite screening cheap.
  • €IG basket ended a stronger +0.6% (SXXP +0.1%), RE +1.5% dragged up by Aroundtown {AT1 GY Equity +16%}. iTraxx closed -0.6/-3 tighter, belly bunds end -6bps lower. Spanish preliminary March HICP came in slightly softer than expected at +3.2%Y/Y (vs +3.3% cons and +2.9% prior).
  • $IG prints are unch to wider into their afternoon, equities+0.4% while CDX IG is a strong -1.4bps tighter.