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Flows & Supply expectations (bbg)

CREDIT MACRO

S&P futures +0.3% in low vol, CDX a tad tighter, $IG opening tighter as primary clears out. ETF flows were net flat yest.

  • Firm inflows across credit bar small outflows in £IG. No surprise given the resilience we saw in secondary. €IG held relatively firm on Tuesday's primary pick-up & $IG is only +1 over the week as it went through just under half of May's expected supply (bbg surveyed).
  • Next weeks supply expectations reflect the local hold back for 3 public holidays. €/£ IG & HY (incl. covered) at ~€30b up from the ~€10b expected this week (actual €18b) & $IG at $25-$30b down from $30b last week (actual $55b)

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