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THE HEISENBERG writes: “We’ve variously marveled at the sheer scope and rapidity of the recent rally in risky credit, both junk and leveraged loans. In fact, the abrupt about-face that’s played out over the course of the last week feels like it’s being driven by something other than the readily identifiable catalysts (e.g., the Fed’s dovish pivot, crude’s surge, dearth of supply). Whatever the case, it’s astonishing – spreads have come in by ~90bps since last Friday.”

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