July 01, 2024 08:25 GMT
CREDIT UPDATE: MNI Credit Weekly: Sailing Upwind (reblast)
CREDIT UPDATE
Full piece: /{https://roar-assets-auto.rbl.ms/files/65056/24.06.28%20MNI%20Credit%20Weekly.pdf}
• Despite OATs at new wides betraying ongoing nervousness into the French election, credit managed to tighten slightly over the week.
• Index OAS spread tightened almost 2bp to yesterday’s close. TMT and Energy were strongest, with Capital Goods weakness. Financial moves were in line with corporates, with Jefferies’ results a positive early indicator for earnings season.
• Primary had another slow week, but conditions were friendlier to issuers than the previous fortnight. We even had the return of AT1 issuance, with Commerzbank meeting strong demand.
• Fund flows were rather flat in Europe, but inflows persist in US credit.
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