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CREDIT UPDATE: EU Credit Close

CREDIT UPDATE
BulletCredit Bullets
  • 2y/10y bunds closing -5bp/-6bp at 2.09%/2.42%. Rates were lower from the morning on tariff concerns, while treasury yields were also lower post PPI.
  • €IG closes -1.5bp on average. SKFBSS (-13-22) continues to price in a potential technical default. CE (-6-12) was tighter despite the Moody’s downgrade. NESVFH (+4-7) widened on earnings. High beta including banks was strong generally.
  • SX5E/SPX futures are +1.5%/+0.6% at 5499pts/6108pts. €IG movers include Euronet Worldwide Inc (+11%), Forvia SE (+9%), Legrand SA (+9%), Metso Oyj (+7%), Neste Oyj (-12%), British American Tobacco PLC (-9%), Unilever PLC (-6%), Technip Energies NV (-6%).
  • Main/XO finish -1.1bp/-5bp at 51.5bp/280bp.
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  • 2y/10y bunds closing -5bp/-6bp at 2.09%/2.42%. Rates were lower from the morning on tariff concerns, while treasury yields were also lower post PPI.
  • €IG closes -1.5bp on average. SKFBSS (-13-22) continues to price in a potential technical default. CE (-6-12) was tighter despite the Moody’s downgrade. NESVFH (+4-7) widened on earnings. High beta including banks was strong generally.
  • SX5E/SPX futures are +1.5%/+0.6% at 5499pts/6108pts. €IG movers include Euronet Worldwide Inc (+11%), Forvia SE (+9%), Legrand SA (+9%), Metso Oyj (+7%), Neste Oyj (-12%), British American Tobacco PLC (-9%), Unilever PLC (-6%), Technip Energies NV (-6%).
  • Main/XO finish -1.1bp/-5bp at 51.5bp/280bp.