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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.
CREDIT PRE-MARKET
- Main/XO tightened pretty steadily over the session to end -2.2bp/-11bp with just 1.3bp/9bp of tightening to go before YTD moves are flat.
- €IG Corp supply came in at €0.85bn with just a single issuer (Terna - Rete Elettrica Nazionale) which saw a cover of 2.1x, ΔIPT of 35bp and a BBG NIC of 10bp along with a single €430mn €HY deal from Q-Park. €IG FIG supply came in as follows:
T2 €1.00bn
SR Non-Pref €1.50bn
SR Pref €1.00bn
Covered €2.00bn
SR Unsecured €1.00bn
- €Corp/€Fin/€HY tightened 1.8bp/1.6bp/16.5bp yesterday with €Corp/€Fin now 4bp wider YTD and €HY moving to tighter YTD territory at -14.7bp. CCC-rated bonds have now tightened 87bp YTD (small index) though B and BB have seen decent gains too (-13bp/-9bp). Within €IG, +10yr spreads underperformed the shortened by ~1bp while automotive credit continued to outperform at -4.2bp (-11bp WoW) despite heavy auto supply YTD (albeit with none since Monday).
- EGBs sold-off into the close after the ECB’s Schnabel re-affirmed it is too early to talk about cuts, maintaining her hawkish lean as 2024 pricing of rate cuts fell below 140bps and March pricing fell below 10bps. 2y bunds closed +5.5bp and 10y +2.5bp, underperforming gilts/USTs/BTPs.
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.
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