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EUR Market Wrap

CREDIT PRE-MARKET


  • 2y/10y bunds closed flat/+5bp as political uncertainty continued to dominate discussions throughout the session. The day’s ECB speak was not market moving, with GovCo members continuing to underscore the Bank’s cautious/data-dependent approach.
  • Main/XO ended +1.5bp/+5bp while €IG/€HY was +1bp/+10bp with short-dated IG spreads underperforming by ~1bp and Fins taking the brunt of the mover wider at close to +2.5bp (now close to +3.5bp WoW).
  • SXXP was -0.3% while SPX was +0.3%; Notable €IG movers included DXC Technology +11%, KKR +11%, Apollo Global Management +6%, SocGen -7%, Eiffage -5%.

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