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US Open

CREDIT UPDATE

$IG is opening firmly wider with another 7 issues expected, despite supply already at weekly expectations. S&P futures still -0.3% with low vol in pre-market, rates unch - focus on Fed speak from Williams (permanent V) after our close (5:45pm Lon/12:45pm ET).

€IG still pointing to a broad-based ~+2bp move wider - not one that seems driven by supply (~€3.5b/within weekly expectations), equities (-0.2%) or rates (unch).

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