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Broad based fall in US stocks - tech & healthcare only exceptions. $IG basket is down -0.7%, Real estate names down -1.6% as rates continue climbing on strong ISM services.

Biggest single name fall from Air Products (-14%) after it missed on Q124 results on -11% lower energy pass-through costs which was only partially offset by +3% higher volumes and +1% higher prices. Its leverage rose from 2.4* to 2.7*, maintains A/A2 target with max 3* leverage, FY24 Capex outlook unch at $5-5.5b. Cash curves for it & close industrial gas supplier comp, Air Liquide (-2.5%) are little changed - both A2/A rated.

Largest gain coming from Estee Lauder (+15%). Coty's 1st lien € 28's (Ba2, BB+, BB+; Pos) showing mids 7bps tighter ahead of its earnings - line has limited liquidity (b/a 20 wide). L'Oréal's Aa1/AA € curve -1 tighter.

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