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US open

CREDIT PRE-MARKET

CDX has tightened -0.6/-3 on the open & in line with a spike in S&P futures - now +0.2%. €IG is unch, curves mixed (again), some tailwind (for 2nd straight session) for Auto's on Ford's strong guidance beat (EBIT $10-12b vs. c$9.3b) - its € curve is 2-5bps tighter. Bayer continuing to stream wider into midday - Snr lines +10-17bps.

Retailer VF Corp (Baa3 Neg, BBB Neg) (parent of Vans, North Face, Timberland etc.) is selling off +20-30bps on Q3 earnings that came after US close - its € curve is well into HY now. Its stock is down over 10% in US pre-market.

Metrics in $IG primary yest. were still strong & ETF inflows continue (again in the face of IEAC/€IG outflows). APD (A2, A; S) was the exception with books covered ~2* and 12.5bps in NIC - noting its coming off disappointing earnings (stock -15% last week) & brought significant size at $2.5b of Green bonds relative to ~$7b outstanding.

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