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Credit performed strongly in May, building on the stability achieved in April. The lows in equity markets and multi-year wide credit spreads seen in March are now a long way off. The major bank senior FRN curve has fully retraced the widening in spreads during March, while Tier 2 issues still have some way to go. This is despite 2024 call major bank closing the month 20-25bps tighter. We are positioned for Tier 2 securities to continue to perform, and with a yield to maturity of 2.17% we expect MIF to achieve out performance of the benchmark.