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EUR Credit Wrap

CREDIT UPDATE
  • Bunds are flat – DM team flagged earlier that bond markets are quite unreactive to the bounce from yesterday’s fresh ‘24 lows in WTI & Brent crude futures with fallout from the Harris-Trump debate and softer-than-expected UK GDP data dominating thus far.
  • Main/XO are +0.1bp/flat at 57.2bp/307bp while €IG/€HY looks +2bp/+4bp. Primary is open but quieter and titled towards corps (see below). Curve movers include Neste (+6-9bps) and Rentokil (+4-8bps), Haleon (+5bp).
  • SXXP is +0.3% while SPX futures are -0.3%. €IG movers include Commerzbank +16%, Vestas Wind +6%, Rentokil -17%, Neste -6%.

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