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MNI Credit Weekly: Supply Down But Not Out

Supply Down But Not Out As IG Moves To 2024 Tightest Levels

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Executive Summary: Supply Down But Not Out As IG Moves To 2024 Tightest Levels

  • IG cash spreads tightened by 3bp on the week with continued outperformance from the two best YTD performers Energy and Fins (35bp and 44bp tighter respectively YTD vs. 30bp tighter for the IG index).
  • Primary took a relative breather following the previous week’s supply deluge but still came in as the sixth busiest supply week of the year with NICs broadly in line with the week before and cover ratios in line with the YTD average.
  • Macro was dominated by a return to higher-for-longer central bank discussions with the bulk of the recent dovish move pared and OIS markets pricing in less than 60 bps of ECB cuts this year.
Full piece here:

24.05.24 MNI Credit Weekly.pdf

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Executive Summary: Supply Down But Not Out As IG Moves To 2024 Tightest Levels

  • IG cash spreads tightened by 3bp on the week with continued outperformance from the two best YTD performers Energy and Fins (35bp and 44bp tighter respectively YTD vs. 30bp tighter for the IG index).
  • Primary took a relative breather following the previous week’s supply deluge but still came in as the sixth busiest supply week of the year with NICs broadly in line with the week before and cover ratios in line with the YTD average.
  • Macro was dominated by a return to higher-for-longer central bank discussions with the bulk of the recent dovish move pared and OIS markets pricing in less than 60 bps of ECB cuts this year.
Full piece here:

24.05.24 MNI Credit Weekly.pdf