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Credit Trades Resilient on Rates Sell-off

CREDIT UPDATE

Equities is now pointing to a flat open in the face of a +15bp move in belly rates with stronger sell-off in the short-end. Euro rates are doing well - belly rates ~+5bps leaving ~10bps of outperformance in the belly. No signs of iTraxx outperformance - both CDS's moving ~+1bp on NFP. €IG still skewed tighter, equity basket little changed up +0.4%, Real Estate names flip into the red on the rates moves. $IG opening prints look unch to tighter

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