€ Credit Close
• Government bond yields reversed the small moves seen yesterday, with DBR and UST yields left 2 / 3bp lower with Fed speakers again the main event.
• Stocks were mixed with SPX / SXXP +0.1%/-0.2%. Little single name volatility or sector dispersion within the €IG issuer basket once again, with all sectors less than 1% changed, biased lower.
• €IG cash closes~1bp tighter. THAMES bonds (+3-9) continue to suffer from Kemble dropping and EPEN moved another 6-9 wider on yesterday’s primary mandate announcement, now up to 16bp wider since the news. As yesterday ARNDTN (up to 14bp) and CPIPGR (6-7bp) lead the way tighter and financials generally better bid. $IG is indicated less than 1bp wider so far.
• CDS indices close a touch wider with Main / XO +0.3 / +1bp.