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Market Wrap

CREDIT UPDATE


  • Bunds are flat – DM team flagging today’s public holiday in the US means limited volumes in Europe this morning, with no notable data scheduled since this morning’s UK CPI.
  • Main/XO are flat/-1bp at 61bp/319bp with €IG/€HY looking flat/-1.5bp with performance broadly distributed across sectors, fins outperforming slightly. Three IG deals in primary from Legrand, El Corte Ingles and DSV Finance. Legrand up to 8bp wider on primary.
  • SXXP is +0.6% while SPX futures are +0.3%. €IG movers include Smurfit Kappa +5%, Inmobiliaria Colonial Socimi -5%.

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