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• Govt yields pushed lower again through the session, on lower oil and marginal risk off tone on geopolitical concerns. JOLTs data extended the move before pulling back. Bunds / treasuries close 4bp tighter.

• Stocks were mixed, €IG issuer basket dragged lower overall by Energy. SPX / SXXP left -0.3% / -0.5%. Siemens Energy closes -5.5% on negative equity notes, with bonds unchanged. Forvia closed -9% (ex-dividend, Stellantis headlines).

• €IG cash was little changed, wider on the margin with a heavy slug of supply from Aptiv, Becton Dickinson, CEZ, CNH Industrial, Elia, Molnlycke, A2A hybrid, Achmea covered, Alpha Sub, BBVA AT1, Belfius SP and UniCredit SNP.

• CDS indices tracked sentiment wider with Main / XO +1.1 / +6bp.

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