April 29, 2024 16:05 GMT
EU Close
CREDIT UPDATE
- €IG held tighter into the close & was led by Philips (7-18 tighter) after lower than expected US settlement claims. Gains outside that were broad based. Laggards included CPI property (+5-7) on 5Y mandate & Pernod (+2-4) on €1.5b 2-part supply.
- Bunds end -4bps lower on slightly softer euro area inflation partials (particularly in Spain core). Eurozone April prints tomorrow morning - consensus at 2.6%yoy for core (down from 2.9% last month).
- iTraxx -0.5/-3, CDX trading sideways today, $IG unch to tighter.
- Primary across both regions still running slow (in-line with this weeks expectations) - $ will get a boost from Boeing's $10b 6-part with early reports of ~8x deal cover on it.
- Earnings picks up again starting tomorrow.
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