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EUR Market Wrap

CREDIT UPDATE


  • Bunds are flat to 2bp wider and near to intraday cheapest levels after headlines reporting that CrowdStrike has deployed a fix for the outage issue while the DM team flagged ECB commentary yesterday and this morning (including source reports) that highlighted that the 2024 rate outlook is uncertain.
  • Main/XO are flat at 54.1bp/295bp while €IG/€HY looks flat/+1bp with primary closed and healthcare lagging very slightly. Curve movers include Sartorious (up to 19bp wider), Thames (up to 15bp wider), ICG (up to 7bp wider), Heimstaden (up to 5bp tighter), Warner Bros (3-4bps wider).
  • SXXP is -0.5% with all secots in the red and T&L underperforming while SPX futures are flat. €IG movers include Danske +7%. Electrolux +6%, Sartorious -10%, Epiroc -6%, Worldline -5%, Forvia -4%, Neste -4%.

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