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US Open

CREDIT UPDATE
  • CDX opening a tad wider, S&P futures -0.2% in low vol. Airbnb is down -8% on weak 2Q guidance for (3m ending June) - no readthrough from analyst to BKNG & equities look flat.
  • $IG came back in to close +0.3bps wider - its held firm this week (+0.5bps) in the face of $53b in supply - €IG was only tested on Tuesday & did well then.
  • ETF flows were flat yest and are net adding small inflows over the last week. There was some weakness in $HY (spreads & yields) that was not echoed in local HY (compressed) - looks supply driven with $11b pricing - bbg noted its the fastest start to a week since Nov 2021.
  • €IG skewed marginally tighter, again primary quiet for back-to-back public holidays in the region.

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