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MNI Credit Weekly

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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