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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are -1bp/-12bp on the risk off bid as French political uncertainty continuing to dominate discussions regionally. OATs and BTPs are +7bp and +12bp vs. 10y bunds.
  • Main/XO are +5bp/+20bp at 62bp/325bp while €IG/€HY looks +8bp/+20bp with Fins taking the brunt of the move wider. French corps are underperforming slightly but look broadly in line on aggregate given the moves while French institutions look to be leading the charge wider for Fins.
  • SXXP is -0.8% while SPX futures are -0.5%. Notable €IG movers include Investec +3%, BT +3%, Unicredit -6%, Thales -6%, Commerzbank -6%, BPER -6%.

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