Asia Credit has started on a strong note, stronger than we expected. We hadforecasted just over 10bp of tightening in IG spreads for the entire year, butMarkit IG index is already 8bp tighter since we wrote our 2018 Outlook. Ratingwise, As and BBBs are 2bp and 14bp tighter respectively. We are taking thisopportunity to trim some of the Buy recommendations that have outperformedand upgrading some of the laggards.
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