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CREDIT UPDATE
  • €IG cash (~2bp tighter) with a strong start to the week & helping narrow the +6bp gap to recent lows. Wideners were Thames Water's € short-end (27/28s +20-25), Mobico (31's +10) on weak earnings/guidance & Prologis on €550m 10Y supply (29's led +6).
  • Cash movers in HY included Atos (+1.7-2.8pts), Eutelsat (+1.4-2.4) & Altice (+1-1.9).
  • Broader risk was firm; €IG equities +0.9% ( SXXP +0.6%) & Main/Xover -1.8/-8 tighter. 1%+ moves in credit issuer equities for healthcare, financials & consumer staples. Quiet on macro today, bunds ending -2bp.
  • $IG looks a more mild unch to tighter, CDX holding onto tights (-1.3/-6).
  • Heavy earnings calendar up this week starting tomorrow morning.

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