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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds are 1-3bp wider with 2y/10y yields at 2.18%/2.44% with little impact from PMI and regional German CPI prints. DM team flagged a move higher in USTs to a Washington Post story pointing to Trump aides paring back some of his election promises on tariffs.
  • Main/XO are -1.4bp/-8bp at 55.3bp/299bp while €IG looks flat on average. €IG primary closed though we have two GBP FIG deals from CredAg and Nationwide. €IG curve movers include SES (up to over 20bp wider on Italian gov’t talks with SpaceX), GLJGR (up to 5bp tighter), COLSM (up to 6 wider).
  • SXXP is +0.9% at 512pts while SPX futures are +0.8%. €IG's biggest risers/fallers include Forvia SE (+7%), Infineon Technologies AG (+7%), Daimler Truck Holding AG (+6%), K+S AG (+6%), Toyota Motor Corp (-4%), Rolls-Royce Holdings PLC (-3%), Asahi Group Holdings Ltd (-3%), WPP PLC (-3%).
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  • Bunds are 1-3bp wider with 2y/10y yields at 2.18%/2.44% with little impact from PMI and regional German CPI prints. DM team flagged a move higher in USTs to a Washington Post story pointing to Trump aides paring back some of his election promises on tariffs.
  • Main/XO are -1.4bp/-8bp at 55.3bp/299bp while €IG looks flat on average. €IG primary closed though we have two GBP FIG deals from CredAg and Nationwide. €IG curve movers include SES (up to over 20bp wider on Italian gov’t talks with SpaceX), GLJGR (up to 5bp tighter), COLSM (up to 6 wider).
  • SXXP is +0.9% at 512pts while SPX futures are +0.8%. €IG's biggest risers/fallers include Forvia SE (+7%), Infineon Technologies AG (+7%), Daimler Truck Holding AG (+6%), K+S AG (+6%), Toyota Motor Corp (-4%), Rolls-Royce Holdings PLC (-3%), Asahi Group Holdings Ltd (-3%), WPP PLC (-3%).