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  "documentTitle": "Deutsche Bank | Investment Banking Pitch Book | 30 slides",
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      "text": "High yield fund flows",
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      "text": "HY technicals have softened over the last few weeks as benchmark treasuries have sold off. HY retail funds experienced back to back sizable outflows of $875 and $4,634 million. The HY indices are off approximately 115 bps since their all-time tight levels reached on May 8th. Volatility in the equity and high yield markets has impacted the loan market, with the index widening by 74bps",
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      "text": "Source: Factset and research estimates",
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      "text": "May Current Delta HY 4.99% 6.16% 117 bps BB 3.83% 4.81% 98 bps B 4.74% 6.04% 130 bps 10-yr 1.77% 2.08% 31 bps",
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      "text": "DHM is ready to move expeditiously; further softening in financing markets will impact transaction economics",
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      "text": "Time is of the essence",
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