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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are -4bp/-5bp at 2.1%/2.43% - DM team flagged major EGB futures have seen a more pronounced bid compared to Gilts and USTs following US President Trump’s Truth Social post on reciprocal tariffs, with tariff-related growth risks supportive of a more aggressive ECB easing cycle.
  • Main/XO are -0.5bp/-1bp at 52.1bp/284bp while €IG looks -1.3bp on average. €IG curve movers include RBIAV (5-12 tighter), SKFBSS (up to 10 flatter; 31s are +1.3pts), NESVFH (5-7 wider), TITIM (up to 8 tighter).
  • SX5E/SPX futures are +1.1%/-0.1% at 5477pts/6069pts. €IG movers include Coca-Cola HBC AG (+9%), Forvia SE (+8%), LANXESS AG (+6%), Legrand SA (+6%), Neste Oyj (-12%), British American Tobacco PLC (-7%), Unilever PLC (-7%).
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  • 2y/10y bunds are -4bp/-5bp at 2.1%/2.43% - DM team flagged major EGB futures have seen a more pronounced bid compared to Gilts and USTs following US President Trump’s Truth Social post on reciprocal tariffs, with tariff-related growth risks supportive of a more aggressive ECB easing cycle.
  • Main/XO are -0.5bp/-1bp at 52.1bp/284bp while €IG looks -1.3bp on average. €IG curve movers include RBIAV (5-12 tighter), SKFBSS (up to 10 flatter; 31s are +1.3pts), NESVFH (5-7 wider), TITIM (up to 8 tighter).
  • SX5E/SPX futures are +1.1%/-0.1% at 5477pts/6069pts. €IG movers include Coca-Cola HBC AG (+9%), Forvia SE (+8%), LANXESS AG (+6%), Legrand SA (+6%), Neste Oyj (-12%), British American Tobacco PLC (-7%), Unilever PLC (-7%).