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CREDIT UPDATE

$IG looks unch to wider while we are flat; both continuing yesterday's theme of mute (<1bp) cash closes and leaves €IG hanging onto it's strong YTD outperformance. ETF flows look mute, there was $500m pulled out of LQD ($IG) but nothing broad-based. $HY flows look firmer (after outflows a fortnight ago); small compression (spread and yields) in secondary across both regions yesterday.

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