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Supply Expectations (bbg), updates

CREDIT MACRO

$IG revised down from $20 to $15b on Friday's rates moves, 3 corp's reportedly pulling deals yesterday. US spreads & CDX ended unch with fins +0.4. Unclear how much carryover to today we will see from the French political jitters and associated moves in OATs (+7) and bank spreads (~ +10) in our primary. Macro calendar is wide open, bunds & OATs opening unch, iTraxx -0.4/-2.

  • Expectations for €IG/HY (incl. covered) are at ~€20b vs. ~€23b last week (actual €30b)
  • $IG lower at $15b vs. c$20b last week (actual $33b).
  • UK April unemployment & wages on Tuesday, US May CPI & Fed meeting on Wednesday & BoJ Friday (consensus/us unch)

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