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CREDIT UPDATE

€IG cash is pointing to a strong move tighter. Main exceptions are DePfa {PBB GY Equity - 11%} & Aareal - both on continuing German bank CRE exposure concerns & despite solid CBK results this morning. Siemens curve other laggard on €5b of supply - its deal will bring WTD supply in-line with expectations (after a slow start to the week). Belly rates end +3 on this afternoons US moves, €IG equities +0.8% - in line with the broader index moves. CDX pointing to a -0.8/-4 close tighter.

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