Free Trial

MNI Credit Weekly: Supply Down But Not Out

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

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.