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Boeing’s bonds traded weaker across the curve following reports that the FAA’s audit of its 737 MAX revealed lapses in quality and received a poor grading. As per an NYT report, the audit found Boeing failing in 33 out of 89 aspects of manufacturing and production at its plant in Renton, Washington. A memo said that the “vast majority” of the violations involved workers not following Boeing’s approved procedures. This comes after a panel blew off from an Alaska Airlines jet earlier this year, post which several checks were ordered to investigate the case.
Boeing’s 3.625% 2031s were down 1 point to 89.21, yielding 5.51%.