MNI BRIEF: Fed Banks Unanimous On Steady Discount Rate-Minutes

MNI BRIEF: Powell - Immigration Has Neutral Inflation Impact Over Long Run

MNI China Daily Summary: Tuesday, July 9

MNI BRIEF: Mexico Inflation 4.98% In June, Above Consensus

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

Fund Flows

CREDIT MACRO
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Total flows were relatively mute for week ending Wednesday (echoing ETFs); small outflows from US Govvies offset by mortgage & muni inflows. $IG & €HY only sectors to face outflows in credit with inflows into €IG, £IG & $HY were mild.
  • Yesterday's firm US data pushed rates up +6bps with strong pass through to bunds. As mentioned in last 2 weekly's we've seen yields fail to support credit inflows & its not hard to see why - spreads as % of yields have sunk particularly in $IG (below).
  • Its had little impact in secondary for now on a seasonally slow supply month. Books in primary have been well covered and we've seen NIC's come in from earlier this month.
  • Earnings not flashing concern either (yet), €IG & $IG equity baskets up ~+1% this week - echoed in spreads that are ~3bps tighter across both regions.

155 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.
  • Total flows were relatively mute for week ending Wednesday (echoing ETFs); small outflows from US Govvies offset by mortgage & muni inflows. $IG & €HY only sectors to face outflows in credit with inflows into €IG, £IG & $HY were mild.
  • Yesterday's firm US data pushed rates up +6bps with strong pass through to bunds. As mentioned in last 2 weekly's we've seen yields fail to support credit inflows & its not hard to see why - spreads as % of yields have sunk particularly in $IG (below).
  • Its had little impact in secondary for now on a seasonally slow supply month. Books in primary have been well covered and we've seen NIC's come in from earlier this month.
  • Earnings not flashing concern either (yet), €IG & $IG equity baskets up ~+1% this week - echoed in spreads that are ~3bps tighter across both regions.