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US Open - Levels (delayed post from IB)

CREDIT UPDATE

CDX +7/+32, S&P futures -4.5%


  • It's tech led in pre-market but Carnival (-9%), Citi (-8%) & Bank of America (-7.5%) are mixed in with the leading losses.
  • Only gainer is Kellanova (+22%). As we said potential rating uplift, Mars is private co and we are struggling to grab financials but expect rating pressure on it (currently +4-notcher higher) alongside supply (currently $ only issuer).
  • Opening $IG cash prints look +5-6 wider adding to $IG/HY +6.7/+34bp step wider on Friday.

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