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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
- EGBs traded broadly sideways into the sticky US CPI print and initially sold-off as market pricing of rate cuts pared back before reversing the move after comments from Croatian National Bank governor Vujcic that rate cuts before the summer cannot be ruled out and alluding to 50bp cuts not being off the table either. 2y bunds ended -2.3bp with OIS pricing of 2024 cuts at 141bps (3bp more priced in but just 8bps now priced for March.
- Main/XO opened tighter with Main breaking through YTD lows before widening in the PM after the sticky CPI print (-0.8/-3.4bp into the print and +1.7/+9.4 after to close +1bp/+6bp DoD).
- €Corps/€Fin/€HY tightened 2.2bp/3.8bp/7.8bp yesterday, likely helped by the slower pace of supply, bringing YTD moves to +1.9bp/+0.2bp/-22.5bp. CCC bonds again outperformed, now over 1% tighter YTD.
- Within €IG, short-dated bonds once again outperformed with 1-3yr bonds - 3bp on the day and now outperforming belly spreads YTD by 6bps (we note 40% of the €16.3bn YTD €Corp supply coming in the 5-10yr bracket).
- Primary credit markets slowed yesterday ahead of the 13:30 US CPI print with five €FIG issuers coming to market (a €0.4bn AT1, a €2bn SP, and €1.25bn across three covereds). We also had a €670mn €HY deal from Fiber Bidco SPA and a single £IG deal from Vonovia.
- Asian equities are trading higher but mixed with the Nikkei +1.5% and CSI 300 -0.2% with our DM team noting foreign buyers bolstering Japanese stocks while US/UK military airstrikes likely adding risk aversion at the margins. SXXP futures +0.6% DoD.
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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