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Flows/Supply

CREDIT MACRO


CDX opening -0.8/-4bps tighter, S&P futures +0.4% helped by tech in the green. €IG cash skewed slight wider, £IG firmly wider.

ETF Flows continue to look flat in $ to start the week, with negligible net outflows from $IG. €IG/IEAC saw small inflows, its still running net outflows over the week (-€750m) & month (-€1.7m). $IG's $7.9b (c$20b) in primary was taken down well yesterday pricing tight to secondary's, Euro & Sterling IG primary's have picked up today, no noticeable signs of weakness in secondary (ex. Gatwick yesterday), initial colour on books for corp's look healthy (€3-4b on €750m deals).

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