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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 3-4bp tighter across the curve – our DM team earlier noted below-consensus Spanish inflation data as moving yields from intraday lows before a renewed bid on order related flow.
  • Main/XO are -0.4bp/-2.7bp while FICM shows €IG/€HY cash close to -1bp/+5bp with all €IG sectors in the green. Staples outperforming slightly at -1.1bp.
  • Curve movers include Aroundtown (up to 10bps tighter on earnings), CPI Property Group (up to 7bps wider), DS Smith (up to 8bps wider on bid talks), HEIBOS (continued vol post downgrade), DK Telekommunikation (up to 5bps wider, no news).
  • SXXP is +0.1% with Retail and T&L the notable movers at +2% (led higher by H&M at 13% as flagged) and -1% (led lower by Flutter at -4% in a reversal of post results gains).

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