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CREDIT UPDATE

$IG cash opening prints are unch to wider, €IG skewed wider with HEIBOS lines (NR BBB-, BBB- Neg). dragging on the index after a Fitch downgrade to BBB- Neg late yesterday. £IG is skewed wider as well, NWGLN £300-400m lines are +2-4bps on just £250m of supply. Weak session for CDS indices - CDX has pared some of it back to be unch from the open, while iTraxx is +1.3/+7.5 wider still - weak sentiment in local HY to end the week on news from Ardagh {ARGID CDS EUR SR 5Y D14 Corp} and Altice {ALTICE CDS EUR SR 5Y D14 Corp}.

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$IG cash opening prints are unch to wider, €IG skewed wider with HEIBOS lines (NR BBB-, BBB- Neg). dragging on the index after a Fitch downgrade to BBB- Neg late yesterday. £IG is skewed wider as well, NWGLN £300-400m lines are +2-4bps on just £250m of supply. Weak session for CDS indices - CDX has pared some of it back to be unch from the open, while iTraxx is +1.3/+7.5 wider still - weak sentiment in local HY to end the week on news from Ardagh {ARGID CDS EUR SR 5Y D14 Corp} and Altice {ALTICE CDS EUR SR 5Y D14 Corp}.