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CREDIT UPDATE
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  • €IG is pointing to a slight skew tighter & if so would leave it ~unch on the week. Wideners are DXC Tech (+7-14) on earnings & Thames Water (+4-10) on morning headlines. Gains led by CPI property (-10-36 today) & Lufthansa (-4-5).
  • Global rates drifted higher on quiet macro, bunds on track to end +6bps wider & also unch on the week. €IG equity basket ends +0.2% (SXXP -0.1%) all sectors <1% moves with single name vol on earnings from DXC (-17%) & Richemont (+5%). iTraxx also flat while $IG looks unch to tighter in their morning.
  • Supply expectations for next week are at ~€25b for Euro area, a tad lower than this week's ~€30b (actual €45b) while $IG stays flat at $25b on last week's $25-$30b (actual $28b).
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  • €IG is pointing to a slight skew tighter & if so would leave it ~unch on the week. Wideners are DXC Tech (+7-14) on earnings & Thames Water (+4-10) on morning headlines. Gains led by CPI property (-10-36 today) & Lufthansa (-4-5).
  • Global rates drifted higher on quiet macro, bunds on track to end +6bps wider & also unch on the week. €IG equity basket ends +0.2% (SXXP -0.1%) all sectors <1% moves with single name vol on earnings from DXC (-17%) & Richemont (+5%). iTraxx also flat while $IG looks unch to tighter in their morning.
  • Supply expectations for next week are at ~€25b for Euro area, a tad lower than this week's ~€30b (actual €45b) while $IG stays flat at $25b on last week's $25-$30b (actual $28b).