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CREDIT UPDATE
  • No clear direction from €IG today, underperformers include PBB (+8-10), Accor (+6) & Ahold (+3-5) - latter two on supply. Outperformers included Elo/Auchan (NR, BBB- Neg).
  • iTraxx was relatively mute but has moved tighter with CDX his afternoon - on track to close -0.9/-4 tighter. Uncertain what's leading CDX IG tighter - S&P is still unch to lower. $IG does seem to be holding firm in the face of a 14 issuers - though a front loaded $30b week is expected.
  • Among movers in HY was broad rally in Altice France (B2/B-) after it announced a tender of €215m across 2 bonds.
  • Credit heavyweight Bayer reports tomorrow morning in what looks like another quiet session.

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