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US Open

CREDIT UPDATE
  • CDX is unch to tighter, S&P futures +0.2%, getting help from some single-name vol skewed to upside. €IG is net flat.
  • Though life returned to €IG primary this morning, NICs have continued to come in at the low to mid single digits. 12 issuers expected in $IG (bbg) with macro quiet - focus in US this week on April PPI (Tuesday) & CPI (Wednesday).
  • ETF flows were skewed to outflows on Friday - mainly from a $1b pull out of $IG's VCIT - spreads closed flat.
  • Supply expectations (bbg) for this week; €/£ IG & HY (incl. covered) at ~€30b up from the ~€10b expected last week (actual €18b) & $IG at $25-$30b down from $30b last week (actual $55b)

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