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{FR} EDF (Baa1/BBB): CDS Mover

UTILITIES

· EDF CDS is one of the top performing today, 7bp tighter.

· CDS moved wider yesterday by 13bp approx. roll adjusted.

· Follows a 12bp move in € cash on Tuesday. This was driven by ESG concerns with EDF to produce material for French nuclear weapons.

· We can see technical pressure on cash, CDS less so; unless the basis was to become meaningfully negative which isn't the case at the moment.

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