September 13, 2024 15:37 GMT
CREDIT MACRO: Spreads vs. Equities
CREDIT MACRO
€IG spreads underperformed $IG for a change, but both struggled for clear direction. Noteworthy this week were HY spreads that held well despite a continued rates rally; 5y bunds -17, USTs -28 this month and continuing to support $IG's longer duration investors in particular. YTD total returns are 5.2% and fast catching up to €HY who has been leading for most of this year. Equities backets found some footing.
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