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EUR Market Wrap

CREDIT UPDATE
  • Bunds are 4-5bp tighter – DM earlier flagged stabilisation of European equity and crude oil prices that helped Bunds away from intraday highs though we against sit just off intraday highs.
  • Main/XO are +1.2bp/+5bp at 55.6bp/302bp while €IG/€HY looks +2bp/+10bp. €IG primary is open but quieter with FIG deals from Moneta (SP), Belfius (SP), Aktia (SP) and Corps deals from Unibail-Rodamco-Westfield, Stryker and Scandinavian Tobacco. €IG curve movers include Blackstone (26s -7bps noting the AirTrunk acquisition this morning), Rolls Royce (28s +8bp), EP Infrastructure (+5bps), Verallia (+5bp), Silfin (27s +8bp)
  • SXXP is -1.0% while SPX futures are -0.4%. €IG movers include Compagnie Financiere Richemont -6%, ASML -6%, Mitsubishi UFJ -6%.

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