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CREDIT UPDATE

€IG ends little changed from midday - firmly skewed wider (~+2) - a move that came absent of risk-off in equities (€IG basket unch) or supply (only ~€3.5b & still within weekly expectations) or rates vol (unch). Latter still holding close to this years highs & supporting yields. iTraxx trading past the sell-off (+0.2/+1) & signs of that in $ today as well - CDX +0.5/2 while $IG cash prints are firmly wider.

Biggest move in cash credit today was Teleperformance {TEP FP Equity} (NR,BBB) that sold off +30-60bps on a statement from Klarna that its AI assistant had made strong inroads. Markets concerned it will disrupt Teleperformance's' call-centre business - company responding this afternoon attempting to dismiss the advances & pointing to its own investment into generative AI; {NSN S9KJUOMEQTXE <GO>} - it reports FY23 results coming Wednesday (6th) after the close.

Among the other IG drags was Eurofins Snr lines (ERFFP; Baa3, BBB) on a lagged reaction to yesterday's earnings (see above).

The few exceptions to the widening move included yesterdays supply-linked underperformers; UniCredit, Booking.com & Maersk.

Single-Name Notes from Today; WLNFP, HOLNSW, RKTLN, FERSM, COFCHD, RCFFP, RY, ERFFP, VTRS, NAC

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