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  • Signs of a little relief in rates markets with OAT spreads -4bp, attributed to moderate policy comments from Le Pen. DBR / UST yields are left a little higher, both +6bp.
  • Stocks oscillated in a tight range but both SPX / SXXP are left red flat. Sectors were mixed; within €IG issuers Financials were best with Utilities the laggard. No major single name stock moves to report.
  • €IG remains pressured, almost 2bp wider again today as Friday’s repricing continues to feed through. The biggest movers were in French Real Estate with several double digit moves wider. Primary took PRIFII bonds up to 11bp wider.
  • CDS was choppy but closes tighter with Main / XO -1.4 / -5bp.

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