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US CORPORATES: BA/ML analyst Hans Mikkelsen said on "retracing the Fed's balance
sheet reduction" that "credit spreads continue to retrace - though not fully -
the recent widening off the early August tights. In fact when measured using
liquid pricing overall US bank spreads are now only 2bps wider than the Aug. 2
tights, after having widened as much as 9bps. Even more notably Telecom spreads,
that once widened at least15-18bps, are now flat to 12bps tighter compared with
Aug. 2 levels. Recall that high-grade credit spreads widened on the combination
of too much (corporate bond) supply and escalating geopolitical risks
surrounding North Korea. As the latter has been easing, it makes sense that
credit spreads improve, just as equities have rebounded to record levels."
- He adds that "on the former, we think that much of this supply shock resulted
from issuers' front loading plans to beat this week's (Sept. 19-20) FOMC
meeting, where the remaining specifics including timing of the balance sheet
reduction are widely expected to be announced."