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US Open; Credit Sentiment firms up after rough $ cash close

CREDIT UPDATE
  • CDX IG/HY opens -1/-4bps tighter, S&P futures +0.3%, low vol in US pre-market with no major movers in Euro equities either.
  • €IG is skewed wider but not the extent of $IG's +2bp close.
  • Movers on either end remain the same; Saur (French Water Utility name) +60-70bps wider (Euro only issuer) on double neg. rating action late yesterday. Thames (Opco Snr) more mild unch to +8bps in €/£ today.
  • Tightening led by Aroundtown Snr's that are another -8bps (still screens cheap to us on short-end). Green offshoots outside it from Auto lines and Bayer - both continuing strength from yesterday.

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