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US Overnight

CREDIT UPDATE

$IG finished yesterday mildly tighter (-0.3bps). No surprise that long-end spreads led the moves (-1bp vs. belly +1) - rates moved +12bps on ISM manufacturing that printed at 50.3 (c48.3, prev 47.8) - the highest level since September 2022. Primary on 7 deal/$8.4b was weaker than recent - single digit NIC's on offer across the deals & books covered 3.1*. Nothing of alarm in ETF flows.

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