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Supply moves above WTD expectations

CREDIT UPDATE

10y tails by 0.5bps (5 auction avg. was 0.7bp tail so in-line). Williams still to come in 2 hours. ~€12b in supply today (€10b in financials) bringing WTD to €37b & above estimates for €33b ahead of expected slowdown for US CPI tomorrow. Spreads thus far to local skew in financial issuance has held up well noting equities financials have outperformed YTD as well. iTraxx closed -2.2/-10.8

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