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Fund Flows

CREDIT MACRO
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  • For the week ending Wednesday fund flows continued into all $/€/£ IG & HY. $ govvies continued to face outflows while € govvies saw inflows. Floating exposed lev. loans saw small inflows.
  • Equities faced outflows from US but firm inflows into China.
  • More timely $ ETF flows for credit are still skewed to inflows.
  • Continuing strength has supporting the post-Q2 supply season which is coming to an end. Pricing very tight to secondary on aggregate for the small amount of IG supply that came locally (see above) and similar low-single digits handed out in $IG.
  • Primary across both regions are expected to be more mute; bbg surveys local expectations (ex. SSA) at ~€12b vs. ~€17b expected this week. $IG expected to give $10-15b vs. $20b this week.
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  • For the week ending Wednesday fund flows continued into all $/€/£ IG & HY. $ govvies continued to face outflows while € govvies saw inflows. Floating exposed lev. loans saw small inflows.
  • Equities faced outflows from US but firm inflows into China.
  • More timely $ ETF flows for credit are still skewed to inflows.
  • Continuing strength has supporting the post-Q2 supply season which is coming to an end. Pricing very tight to secondary on aggregate for the small amount of IG supply that came locally (see above) and similar low-single digits handed out in $IG.
  • Primary across both regions are expected to be more mute; bbg surveys local expectations (ex. SSA) at ~€12b vs. ~€17b expected this week. $IG expected to give $10-15b vs. $20b this week.