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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 1-2bps richer with little to note in terms of macro catalysts ahead of US Cpi (MNI Preview: https://roar-assets-auto.rbl.ms/files/60796/USCPIPrevApr2024.pdf)
  • Main/XO -0.5bp/-1.5bp having opened tighter and traded sideways since then. FICM showing €IG/€HY flat to slightly wider and pretty even performance across IG sectors (Sr Fins outperforming slightly, Consumer Staples underperforming slightly).
  • Curve movers include CPI Property Group (4-5bps wider, no news though FY earnings call took place this week), Italgas (up to 6bps wider on prelim offer to buy 2i Rete Gas) and Deutsche Pfandbriefbank (up to 16bps tighter, no news)
  • SXXP is +0.7% with all sectors in the green with Healthcare lagging slightly (flat). €IG movers include Aroundtown +8%, Forvia +5%, CPI Property +5%, Tesco +5%, Bawag -6%.

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