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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US OUTLOOK/OPINION
- BofA analysts see credit stress as having reached a “borderline critical zone” this week, with distress, dispersion and debt-to-enterprise-value ratios were all above June highs..
- A Fed hiking slowdown and possible pause would “allow the economy to fully adjust to all the extreme tightening already implemented, but still working its way through the financial system’s plumbing”.
- Failure to do so risks dysfunction that “would be difficult to contain and fix” with high yield credit spreads potentially hitting 600-650bps if hikes continue at the current pace.
- That's from the Bloomberg high yield spread currently at 560bps, within 20bps of early July’22 highs.
Bloomberg high yield index (white), 10Y Tsy (yellow) and OAS to Tsy (green)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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