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CREDIT MACRO
  • Bunds yields traded higher over the session following European parliamentary election results which showed a shift to the far right in many countries. OATs were in focus, closing +7bp over bunds.
  • European stocks underperformed accordingly with SXXP / SPX -0.5% / -0.0%. Financials were the worst sector among €IG issuers but contained at -1.5% due to US bank weightings. French issuers fared worst, with Vinci and Eiffage heavy along with the banks as expected.
  • €IG cash closes 1-2 wider with Financials underperforming. French banks moved 9-13bp wider at the long end. Corps were very resilient with only RCFFP showing much weakness among French issuers at +5-8bp.
  • 20% bank weighted iTraxx Main underperformed at +1.5bp with CDX IG around unchanged, Crossover closes +5bp.
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