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EUR Market Wrap

CREDIT UPDATE


  • Bunds are muted with <1bp of tightening across the curve and little in the way of domestic drivers or meaningful headline flow to note. The macro calendar is quiet and the ECB is in their pre-meeting quiet period.
  • Main/XO are -0.3bp/-1.6bp while FICM is showing €IG/€HY cash ~1bp tighter though swap spread moves imply a flatter performance against govies. All €IG sectors are in the green with Healthcare, Tech and Sr Fins outperforming with more than 1bp of tightening. Primary is active though tilted towards FIG issuers.
  • SXXP is -0.1% with Tech (+0.6%) and Health (+0.7%) outperforming while Basic Resources (-0.9%) and Consumer Prods/Services (-0.8%) underperform. Notable movers include Grifols (-11%) and Embracer Group (-7%).

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