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MNI Credit Weekly - 02 August 2024

CREDIT UPDATE

Executive Summary: Don’t Dismiss The Data


  • Despite a heavy earnings calendar, spreads this week were mainly at the whim of macro where we saw spreads widen as core rates moved tighter on central bank meetings and a host of market-moving data points (see our Developed Market and Policy Summary section below).
  • Earnings, while not in the driving seat for spreads, continued this week – we provide commentary below on some of the more interesting results including Volkswagen, Aptiv, AGCO, Rolls-Royce, Worldline, Teleperformance, Lufthansa, IAG and others. The season continues next week albeit with roughly half the number of issuers reporting.
  • Primary picked up with deals and though the market was kept open each day, supply was heavily tilted to Monday. Cover ratios were middling at an aggregate 3x, though below the YTD figure while NICs averaged 4-5bps.Fund flows remained firm across credit, govies and equities with only sign of weakness in £IG that saw broadly flat flows.

Full piece here: https://roar-assets-auto.rbl.ms/files/65601/24.08.02%20MNI%20Credit%20Weekly.pdf
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