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CREDIT UPDATE: Fund Flows

CREDIT UPDATE
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  • For the week ending Wednesday fund flows continued into €/£ IG & HY but at a slower pace. $IG saw small inflows but $HY reversed to small outflows. Floating exposed $ lev. loans saw firm inflows for a change while govvies continued to see inflows across both regions.
  • More timely $ ETF flows for credit are skewed to heavy outflows; $IG's largest LQD is rolling $2.1b (!) of outflows over the last week, HYG -$1.3b. We haven't seen big moves in ETF's for a while; a +30bp move in rates while equities continue rallying seems to have woken retail flows up.
  • Equities reversed back to inflows in the US while China inflows continued to strengthen.
  • Local IG NIC's did move to mid-single digits but mute supply and support in secondary seems to have kept a lid on any weakness. No noticeable signs of weakness in $IG either.
  • bbg surveys local expectations (ex. SSA) at ~€12b little changed from this weeks expectations. $IG expected to pickup from $10-15b this week (actual $16b) to $30b; ~$20b of that expected to be from banks. Points to busy week there on a shortened week (US closed on Monday for Columbus day).
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  • For the week ending Wednesday fund flows continued into €/£ IG & HY but at a slower pace. $IG saw small inflows but $HY reversed to small outflows. Floating exposed $ lev. loans saw firm inflows for a change while govvies continued to see inflows across both regions.
  • More timely $ ETF flows for credit are skewed to heavy outflows; $IG's largest LQD is rolling $2.1b (!) of outflows over the last week, HYG -$1.3b. We haven't seen big moves in ETF's for a while; a +30bp move in rates while equities continue rallying seems to have woken retail flows up.
  • Equities reversed back to inflows in the US while China inflows continued to strengthen.
  • Local IG NIC's did move to mid-single digits but mute supply and support in secondary seems to have kept a lid on any weakness. No noticeable signs of weakness in $IG either.
  • bbg surveys local expectations (ex. SSA) at ~€12b little changed from this weeks expectations. $IG expected to pickup from $10-15b this week (actual $16b) to $30b; ~$20b of that expected to be from banks. Points to busy week there on a shortened week (US closed on Monday for Columbus day).