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CREDIT MACRO
  • Risk off tone driven by further French risk concerns took rates lower with DBR / UST closing -4bp / -1bp. OAT spread another +6bp today and is being closely watched; BTP at +5bp is off the wides.
  • Stocks followed lower, with banks heavy but shaded by utilities within the €IG issuer basket. SXXP / SPX left -0.8% / -0.1%.
  • €IG cash was left 2-3 wider. French banks were a bit more contained than yesterday, up to 5 wider. High beta corps were also pressured, up to 8 wider. EDF was up to 10 wider on supply that came a further 10 back; DXC was the big winner on possible CoC trigger from PE interest.
  • Bank heavy iTraxx Main underperformed again at +2.1bp with CDX IG +0.8bp. Xover closes +7bp.
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