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EU Credit Close

CREDIT UPDATE

• Bund yields traded wider over the session to close 4bp wider, tracking higher UST yields late yesterday and focus on supply.

• Stocks traded sideways before an afternoon dip with lots of earnings results getting digested. Closing with SX5E / SPX -0.5% / -0.3%. Of the IG issuer universe Real Estate, Communications and Financials were the worst performing sectors with only Tech and Staples in the green.

• Cash is largely unchanged overall. THAMES regained a little ground (up to 15bp tighter), while KERFP (5-10 wider) got hit on weak earnings. HEIBOS on the other hand was up to 10 tighter post earnings.

• CDS indices close wider with Main / XO +1.2/+7.5.

• Primary saw IG deals from Goodman, TDC, Achmea Tier2.

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