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CREDIT UPDATE

$IG was in a holding pattern ahead of the Fed but cash prints look to be stepping wider now. Supply on pause today & still below expectations at $25b vs. c$30b, yesterday's heavy line-up met with strong demand metrics. $IG ETF flows continue to be net flat, sizeable €500m outflow from €IG ETF IEAC yesterday - has been a weak run of recent for local IG ETF flows with ex-ETF fund inflows holding us up.

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