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EU Credit Close

CREDIT UPDATE

• Bund yields close ~1bp tighter in low volatility trading.

• Stocks were also little changed with SXXP / SPX 0.2%/-0.2%. Of the IG issuer basket, dispersion was low with Financials strongest at just +0.9%.

• Cash recovered about half of yesterday’s move to finish 1-2 tighter. Yesterday’s movers led the way with NFLX rallying hard (10-18bp) ahead of tomorrow's results. THAMES was the main underperformer (up to +15) and remains volatile.

• CDS indices close wider again with Main / XO +0.5/+1.

• High Yield was slightly up with the ETF +0.13c, topical names moved both ways with INTRM up to 2.25pts higher, SFRFP and ATOFP up to 1.5pts lower.

• Primary saw IG deals from Lonza and Brenntag priced.

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