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EU Credit Close

CREDIT MACRO

Bund yields closing 5bp higher. Treasuries are up 9bp on higher PPI and lower initial claims.

Stocks took a breather from setting records today with SX5E -0.3% with SPX -0.4%. Tech, Real estate (-0.9%/-2%) was the worst sector on higher rates.

Main and Crossover close +1/+7.

IG Cash closes ~1.2bp tighter continuing the recent trend. Primary deals, on pricing and book size, continue to reflect very strong underlying demand. In primary we had AMSSM, TENN (dual hybrid), AKEFP (hybrid), ELISGP, BARC (£).

REITs were strong again despite rates moving their equities lower. STLA (tracking aggressive primary in) and LHAGR were among the other bigger movers.

In HY, ROLLS was upgraded to BBB- by S&P, closed up 12.5c. INTRUM saw a big drop (5 to 16pts) with restructuring on the table. GRFSM 0.75-2.25pts lower on rating downgrade.

Financials continue to beta rally here, another 2-3bp better overall.

Tickers bulleted today: ABIBB AGSBB AIA AMSSM BACR BAYNGR BNP BPEIM CMZB DB DLGLN ELISGP EZJLN FERSM GRFSM IAGLN ILDFP INTRUM LXSGR MBBGR MO NBNAUS ONESAV ROLLS RWE SLHNVX SRGIM STLA TENN VFC

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