MNI RIKSBANK WATCH: Riksbank Set For Third 25bp Cut This Cycle

MNI China Daily Summary: Monday, September 23

MNI: FRANCE SEP FLASH MANUF PMI 44.0 (FCST 44.2); AUG 43.9

MNI NBH WATCH: NBH To Cut By Quarter-Point, Stay Cautious

MNI BRIEF: Law Requires Budget Unfreeze With Higher Revenues

MNI BRIEF: China Consumption Policy Support Working - NDRC

EZ/UK Bond Supply Calendar: Spain Syndi; UK, DE Due Tuesday

RBA Data Watch

MNI: US SEP FLASH MANUFACTURING PMI 47.0 (FCST 48.6); AUG 47.9

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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Executive Summary: Credit Supply Return

  • Spreads tightened on average by 1.5bps with some significant tightening in Heimstaden Bostad, Jaguar Landrover and Warner Music. There was some dispersion around the mean with several names 4-5bps wider but nothing worse than that.
  • Itraxx Main/XO -1.5bps/-6bps continued the path tighter but at a much-reduced pace vs previous weeks. Spreads have now retraced the early August sell-off.
  • The -818k revision to US payrolls on Wednesday contributed to rate cut expectations. -97bps is now priced into FED cuts before year-end. Powell speaks on Friday afternoon at Jackson Hole. Next Fed meeting is 18th September, before that we have the ECB on the 12th.
  • Primary reopened with 10 deals pricing in Corps 6.5bn and 12 Fins for 11.1bn. The $ market saw significant issuance before the Labor Day lull and is expected to be heavy once September starts.
  • Fund flows were firm to help meet a bumper August for $IG supply and also in € which sets us up well for the start of a busy month of new issues.

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Executive Summary: Credit Supply Return

  • Spreads tightened on average by 1.5bps with some significant tightening in Heimstaden Bostad, Jaguar Landrover and Warner Music. There was some dispersion around the mean with several names 4-5bps wider but nothing worse than that.
  • Itraxx Main/XO -1.5bps/-6bps continued the path tighter but at a much-reduced pace vs previous weeks. Spreads have now retraced the early August sell-off.
  • The -818k revision to US payrolls on Wednesday contributed to rate cut expectations. -97bps is now priced into FED cuts before year-end. Powell speaks on Friday afternoon at Jackson Hole. Next Fed meeting is 18th September, before that we have the ECB on the 12th.
  • Primary reopened with 10 deals pricing in Corps 6.5bn and 12 Fins for 11.1bn. The $ market saw significant issuance before the Labor Day lull and is expected to be heavy once September starts.
  • Fund flows were firm to help meet a bumper August for $IG supply and also in € which sets us up well for the start of a busy month of new issues.

Full Piece Here:

Keep reading...Show less