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Supply expectations (bbg)

CREDIT MACRO
  • €/£ IG/HY (incl. covered) expectations have picked up this week to €10.75b vs. ~€8b last week (actual €6.85b).
  • $IG at $10-$15b vs. $5b last week (actual $5.35b).
  • Macro lighter with US June CPI and UK May GDP both on Thursday. Biden's candidacy continues to be questioned even after Friday's pre-recorded interview; watch for updates as congress returns this week.
  • Blackout periods may be weighing on issuance; €IG's largest issuer VW comes with Q2 results on Wednesday, US banks start on Friday.

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