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Some levels below. Index levels we always quote against against treasuries/bunds.

CREDIT MACRO
  • Particular interest to us is the the extent of the decompression in BBB/BBs. Unclear if that will reverse today with €HY showing some but not a complete recovery in morning prints. Adding to that the more mute $IG close last night was still met with heavy decompression.
  • Nothing will look wide yet vs. historical but we are seeing some value rotations into BB names that in some cases boast firmer fundamentals than IG names, yet have been hit harder.

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