July 05, 2024 15:16 GMT
MNI Credit Weekly
Back Near the Tights
MNI (LONDON) - Executive Summary: Back Near the Tights
- A strong week for credit, with our Index G spread 12bp tighter on the week. Dispersion among sectors was low; Financials in line with Corporates was a surprising point for such a move. Despite OAT spreads close to unchanged on the week the Republican Front narrative boosted French bank spreads by another 15-20bp.
- Despite mixed signals from macro spreads are once again back to pricing near perfection.
- Primary had another slow week with just EUR 4.55bn supply; cover ratios were extremely high against strong inward flows and NICs returned to tight levels seen before the French political uncertainty.
- Strong IG fund flows despite higher government yields paint a reassuring picture.
Full piece here: 24.07.05 MNI Credit Weekly.pdf
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