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EU Cross Asset: IG Movers

CREDIT RESEARCH

• {BAYN GY Equity}
Cash 3-7bp tighter. Credit liking the better FCF and net debt reduction, equity disappointed by the outlook.

• {RCF GR Equity}
Cash 2-5 tighter. Small bounce, still some ~60bp wider since the Klarna AI call centre story.

• Elo
Cash 2-4 tighter. Continues to trend tighter post results.

• {KER FP Equity}

Cash 2-5 wider on primary issuance.

• {9432 JT Equity} NTT
Cash 3-5 wider on primary issuance.
• {WPP LN Equity}
Cash 2-4 wider on primary issuance.•OranoCash 3-6 wider on primary issuance.

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