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CREDIT PRE-MARKET

10 $IG issuers expected today - doesn't bode well for spreads that were already struggling on Friday's $6.9b of supply (from 3M) in what was otherwise supportive/low-vol backdrop. $IG finished +2.2 wider on Friday, led by long-end weakness (despite 3M's supply which was front/belly skewed). Adding to Friday's somewhat confusing moves was up in rating (even within IG) underperforming - again points to yields the support for spreads here & leaves it at risk on a rates rally. Ex. ETF funds carried the weight last week - Friday's session again points to flat ETF flows.

$IG is opening unch to wider, €IG skewed tighter, S&P futures unch with low vol in pre-market & rates -1 - bar large surprise in home sales nothing in Macro today.

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