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Bristol Myers brings 9-part/~$13b Deal

CREDIT PRE-MARKET

CDX has opened -0.9/-5 tighter, S&P futures +0.6% pointing to a strong cash open. Bristol Myers coming with its 9-part/~$13b deal that includes a 40y (IPT +160). Pre-market moves;

* VF {VFC US Equity} up +3% after board changes (€ lines 3-7bps tighter)

* Avis {CAR US Equity} up +1.5% holding onto bulk of its 22% post-earnings fall from yest. (€30's -0.5c/+0.15% cheaper, 26's unch)

* Airbnb {ABNB US Equity} down -4% despite beating on 4Q & guiding to 1Q rev's above consensus. Is guiding to moderation (from Q4) in nights booked & average daily rates for 1Q - analyst takes; {NSN S8U95LT1UM0W <GO>}, Booking.com (A3/A-; Stable) reports on the 22nd.

* Uber +7% leading SPX on inaugural repurchase program totalling $7b, the $HY name has also announced target gross leverage ratio of 2* & IG rating (currently Ba3 Pos, BB- Pos).

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