FED'S BARKIN: LOOKING FOR MORE EVIDENCE OF INFLATION'S DECLINE

BARKIN: FED SHOULD ACT DELIBERATELY, KEEP CLOSE EYE ON ECONOMY

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

US Treasury Auction Calendar

Broad-based Softening In June Underlying Inflation Metrics

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EU Close

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • €IG has held onto a skew tighter & is getting support from $IG that has gone firmly bid on a rates sell-off this afternoon - its had strong pass through to bunds that end +7 on the day.
  • Tightening was led by Thames Water (-5-13), Aroundtown (-4-8) & distressed IG issuer CPI Property (-30-70) - latter after it managed to price a 5Y (at 8.25%/G+565).
  • Laggards were SES (+4-18) on €2.8b cash acquisition of Intelsat & GM (+2-6) on only €750 6.2Y supply. T-mobile came for inaugural € supply in a 3-part - books were firmly skewed to longer end, pricing 0-5bp NIC vs. our FV's.
  • Earnings continues to generate low vol for spreads even among high beta names - crossover Air-France bonds looked past rough 1Q results this morning while equities fell 5%. Similar story in high grade names like Stellantis (equities -10%).
  • €IG equity basket ends -0.6% dragged on by autos. Falls outside it included SES (-8%), BBVA (-6.5%) & Anglo American (-4%). iTraxx finishing +1.2/+6 wider following poor US equity sentiment/CDX this afternoon.
  • $IG cash is looking past equities moving firmly tighter on support from a rates sell off - latter triggered by a hot 1Q employment cost index print; 1.2% vs. c1.0% our Eco noting it translates to the fastest annualised rate since 3Q22 at 4.8%. Fed up tomorrow.
221 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • €IG has held onto a skew tighter & is getting support from $IG that has gone firmly bid on a rates sell-off this afternoon - its had strong pass through to bunds that end +7 on the day.
  • Tightening was led by Thames Water (-5-13), Aroundtown (-4-8) & distressed IG issuer CPI Property (-30-70) - latter after it managed to price a 5Y (at 8.25%/G+565).
  • Laggards were SES (+4-18) on €2.8b cash acquisition of Intelsat & GM (+2-6) on only €750 6.2Y supply. T-mobile came for inaugural € supply in a 3-part - books were firmly skewed to longer end, pricing 0-5bp NIC vs. our FV's.
  • Earnings continues to generate low vol for spreads even among high beta names - crossover Air-France bonds looked past rough 1Q results this morning while equities fell 5%. Similar story in high grade names like Stellantis (equities -10%).
  • €IG equity basket ends -0.6% dragged on by autos. Falls outside it included SES (-8%), BBVA (-6.5%) & Anglo American (-4%). iTraxx finishing +1.2/+6 wider following poor US equity sentiment/CDX this afternoon.
  • $IG cash is looking past equities moving firmly tighter on support from a rates sell off - latter triggered by a hot 1Q employment cost index print; 1.2% vs. c1.0% our Eco noting it translates to the fastest annualised rate since 3Q22 at 4.8%. Fed up tomorrow.