EU CREDIT UPDATE: EU Market Open

* 2y/10y bunds closed flat/-3bp at 1.91%/2.55%. USTs closed flat/-2bp at 3.46%/3.96%. * Main/XO ended -0.4bp/-2bp at 55.6bp/267bpIG -0.3bp at 0.8% (Corps -0.4bp at 0.77%, Fins -0.2bp at 0.84%). $IG +0.6bp at 0.78% (Corps +0.7bp at 0.77%, Fins +0.5bp at 0.79%). * SX5E/SPX futures closed flat at 5700pts/6773pts. IG movers included Edenred SE (+20%), General Motors Co (+15%), Aliaxis (+10%), RTX (+8%), Albemarle (-5%). * SX5E/SPX futures are -0.4%/+0.1% this morning. After news that the meeting between the US' Rubio and Russia's Lavrov was being postponed, talks between Presidents Trump and Putin will now not take place in the "immediate future" as Russia won't accept holding the frontline in Ukraine where it currently is.

EU CREDIT UPDATE: Average Cash Moves (Source: MNI, Bloomberg Finance L.P.)

------------------------------------- B'mark (CBBT) IG IG Universe -0.5bp -0.2bp Fins -0.4bp -0.1bp SUN -0.2bp -0.2bp Bail-In -0.6bp -0.1bp Tier 2 -0.3bp -0.1bp Corps -0.6bp -0.2bp AA -0.6bp -0.2bp A -0.5bp -0.1bp BBB -0.6bp -0.3bp Real Estate flat -0.3bp Price (IBVL) EUR AT1/RT1 +04c BBB +04c BB +05c Corp Hybrid +02c BBB +03c BB +01c

EU CREDIT UPDATE: EU Market Wrap

* 2y/10y bunds are +1bp/flat at 1.92%/2.58% - DM team flagged EQ Q2 fiscal data wasn't a market mover. * Main/XO are -0.1bp/-1bp at 55.9bp/269bp while IG looks -0.5bp on average. Curve movers include ORIX (up to -6), TACHEM (up to -7), ASABRE (up to -6), CKHH (up to -5). * Supply - EUR Corps: BERTEL (8yr SUN). EUR Fins: BMO (4NC3 SUN FRN), MUNHYP (9.4yr SNP). * SX5E/SPX futures are -0.2%/-0.1% at 5688pts/6769pts. IG movers included Edenred SE (+14%), Aliaxis (+10%), BPER Banca (+7%), Banca Popolare di Sondrio (+7%), Eurofins Scientific SE (-7%).