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CREDIT MACRO
  • Govt yields finish marginally lower again, with USTs and DBRs 3bp tighter. Yields were marginally higher this morning before lower ADP and prices paid pushed things in the other direction.
  • Stocks close higher with SPX / SXXP +0.6% / +0.8%. The €IG issuer basket closes just +0.1% with Tech leading, no sectors meaningfully lower. ASML (+8%) was the best performer, announcing its next-gen machine will ship this year.
  • €IG cash close ~1bp wider with little single name volatility; US banks were softer while some REITs close tighter.
  • Supply was quieter with FRAGR, PNLNA, ATHORA (Sub), ACASCF and ENGIFP (perp) priced. Expecting minimal supply tomorrow with the ECB meeting.
  • CDS closes tighter with the risk on tone, Main / XO -0.9 / -6.
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