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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are +3bp/+5bp after the Regional German CPI prints earlier where MNI’s calculations correctly indicated a broadly in line annual German print.
  • Main/XO are +1bp/+5bp while FICM shows €IG/€HY at roughly +0.4bp/+0.6bp though we see moves closer to -0.5bp/flat against govies. Primary slightly busier with Fins deals from BBVA, Raiffeisenbank, Jyske and Corps deals from Medtronic, LVMH, ISS Global.
  • IG movers include Thames (up to 20bps tighter), Balder (4-7bps tighter, issued in SEK yesterday), CPI Property (up to 9bps tighter), VF Corp (up to 5bps wider).
  • SXXP is -0.7% with Energy the only sector in the green. Notable €IG movers include International Distribution Services +4%, Norstar Holdings +4%, Mobico -6%, Worldline -4%.

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