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Very weak open

CREDIT UPDATE
  • Main/Xover (+2.2/+9) and €IG cash +2-6bps with widening up to 14bps in French banks. Weakness does look more broad based this morning across corps & non-French cos. £IG +2-4.
  • 5y OAT spreads (+1.5) and €IG equity basket (-0.5%) are holding better. No single name equity movers to flag, Atos with normal vol.
  • Not much support from a rough close in $IG/HY cash last night (+2.2/+10). HY weakness was in $BB/B spreads with yields coming out as well.

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