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Risk off in cash, Autostrade Among Worst Performers; No News

CREDIT MACRO
  • ATOSTR bonds screening as the worst performed in €IG today excluding RCFFP (see earlier post on that), up to 12 wider.
  • One the highest beta names in the index, ATOSTR issued a week ago into very strong market conditions. The bonds remain inside reoffer despite today’s widening.
  • With 3 negative single name stories in the market today it seems investors are a bit more inclined to take chips off the table after a good run here. NIP could normalise here from aggressive levels recently.

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