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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 1-2bps cheaper - weaker-than-expected European IP data prints were not major market movers but may have helped limit downside while the morning’s ECB speakers added little new to the debate.
  • Main/XO are +1bp/+4bp while €IG/€HY looks flat/-1bp with performance relatively evenly distributed across sectors. Primary recap to follow. Curve movers include DXC (up to 20c richer again on takeover media report) and Reckitt (up to 9bps wider on supply).
  • SXXP is -0.8% with the Media sub-index outperforming at flat. Notable €IG movers include Lufthansa -5%, Forvia -5%, BT +3%.
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  • Bunds are 1-2bps cheaper - weaker-than-expected European IP data prints were not major market movers but may have helped limit downside while the morning’s ECB speakers added little new to the debate.
  • Main/XO are +1bp/+4bp while €IG/€HY looks flat/-1bp with performance relatively evenly distributed across sectors. Primary recap to follow. Curve movers include DXC (up to 20c richer again on takeover media report) and Reckitt (up to 9bps wider on supply).
  • SXXP is -0.8% with the Media sub-index outperforming at flat. Notable €IG movers include Lufthansa -5%, Forvia -5%, BT +3%.