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EUR Market Wrap

CREDIT UPDATE


  • 2y and 10y bunds are -4bp with our DM team flagging that bunds are just shy of intraday highs after a slightly stronger-than-expected German ZEW survey offset somewhat by the lower-than-expected Eurozone trade balance for May. ECB preview: https://roar-assets-auto.rbl.ms/files/65234/ECB%20Preview%20July%202024.pdf
  • Main/XO are +1bp/+4bp while €IG looks +1.5-2bp. Primary is open but quiet with SNPs from Hamburg Commercial Bank and CredAg and a SUN from American Honda Finance. Curve movers include Thames (up to 70bp wider), Heimstaden (4-9bps wider), Deutsche Pfandbriefbank (up to 10bp wider), Sirius RE (up to 7bp wider).
  • SXXP is -0.4% with Personal Care, Drugs & Grocers and Real Estate the only sub-indices in the green while SPX futures are +0.2%. Notable €IG movers include SEB +4%, Scor SE -25%, ArcelorMittal -4%.

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