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Main Tightens Through 2024 Opening Level

CREDIT UPDATE


  • Main has opened -1.4bp tighter DoD, trading through YTD tightest levels set at the open on 02 January, after which iTraxx widened notably in the first two sessions of the year
  • XO is sitting 6bp tighter DoD, bringing WoW moves to -27bps though still 3bp above opening 2024 levels.
  • BBG's intraday FICM indices indicated cash tightening with €IG at -0.7bp and €HY at -2.8bp. While primary markets are open today, the pace has dropped off notably - we see five EUR deals today (excl. gov't related) and one GBP deal (the GBP deal for Vonovia, as flagged yesterday).

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