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Fund Flows

CREDIT MACRO
  • For the week ending Wednesday fund flows continued into all $/€/£ IG & HY. $ govvies continued to face outflows while € govvies were flat. Equities saw firm inflows for the 2nd week in a row - no surprise there given sentiment & secondary. Floating exposed lev. loans reversed to join inflows.
  • More timely ETF flows don't point to a clear tilt in $IG while $HY is skewed to inflows.
  • Inflows likely continuing to supporting supply - no signs of stress locally on aggregate metrics (see above) and $IG's bumper $37b was met with firm metrics - Bloomberg recording a handful of multi-tranche issuers still managing to price through their secondary early in the week.
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  • For the week ending Wednesday fund flows continued into all $/€/£ IG & HY. $ govvies continued to face outflows while € govvies were flat. Equities saw firm inflows for the 2nd week in a row - no surprise there given sentiment & secondary. Floating exposed lev. loans reversed to join inflows.
  • More timely ETF flows don't point to a clear tilt in $IG while $HY is skewed to inflows.
  • Inflows likely continuing to supporting supply - no signs of stress locally on aggregate metrics (see above) and $IG's bumper $37b was met with firm metrics - Bloomberg recording a handful of multi-tranche issuers still managing to price through their secondary early in the week.