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$ETF flows look flat to start the week; strong primary metrics on slower supply

CREDIT MACRO
  • $HY ETF {HYG US Equity} is continuing to build up outflows - as we touched on other day measures of fundamentals on $HY looked to be deteriorating at a slower pace for a positive - higher for longer rates (Fed cuts this year is continuing to be priced out) may test that though.
  • $IG supply slow down ($6.7b) left strong metrics in primary yesterday - books covered 4.4* (even after most deals were upsized) and pricing tight to secondary.
  • $IG/HY cash ended -0.7/-1.1 tighter in secondary - only a small dent to YTD €IG outperformance.
  • More M&A supply expected with $4b+ from $ only issuer, BAE systems (Baa1/BBB+), to refi a bridge loan it used to fund a $5.6b acquisition late year.
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