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US Open

CREDIT UPDATE

CDX unch in line with rates & S&P futures (+0.1%) ahead of a no-macro US session. $IG supply continuing with a 6-part from Solventum (3M healthcare unit) & will push WTD issuance ($53b) firmly above expectations ($50b) & towards last yr's Feb record of ~$150b. $IG cash underperformance (vs. €) seems to be continuing today - former still firmly tighter while $IG opening prints are unch to wider.

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