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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Ryan McGrath at Cantors in........>

EUROZONE ISSUANCE: Ryan McGrath at Cantors in Dublin looked at the potential
fair value of the Irish 5Y syndicated deal, likely coming on Wednesday after the
German market returns. 
- In his calculations, "combining the IRISH curve interpolation with the
comparable FRTR gives an issuance range of minus 4bps to minus 8bps."
- To get this range, the -4bp comes from an interpolation between Irish Mar-22
and Mar-23s.
- However, the Irish credit curve is quite steep compared to France over these
tenors, "Referencing the FRTR 2.25% 10/22s which is yielding minus 12bps and
assuming the new Irish should come 4 over France, the comparable suggests minus

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