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Germany: Weak Construction PMIs Yet Spreads at Multi-Month Tights

CREDIT MACRO

Not a market mover, in itself but...


  • GERMANY MARCH CONSTRUCTION PMI 38.3 bbg... itself even lower than last month.
  • Our developed markets rates colleagues spotted this but highlights the struggles of the German CRE companies - to echo our point from the UK house price write-up, IG spreads are at multi-month tights even with real estate seemingly struggling to work through some major issues (note: HFX comments on lagged effect of rate rises for long-fix mortgages still not hitting UK homeowners).
  • Aroundtown was one of the best-performing EUR issuers yesterday.

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