July 12, 2024 15:23 GMT
MNI Credit Weekly - 12 July 2024
MNI (LONDON) - Executive Summary: Turning to Earnings
- Spreads moved fractionally tighter over the week, with underperformance from healthcare seemingly on duration sensitivity. Financials outperformed helped by ongoing Real Estate recovery. S&P threw a curveball on hybrids, but only EDP was meaningfully affected.
- Earnings season is underway, with the first major names JPMorgan and Citi reporting today. Spreads widened marginally on both.
- Macro pointed to US rate cuts to come with treasury yields breaking out of ranges. The worst outcome was averted in the French second round election, but a hung parliament looms.
- Primary had an uptick to a reasonably busy level for this time of year. NICs were generally low on healthy books with a few outliers bringing the average up. Supply is set to slow again for earnings season
- Strong fund inflows persist with no signs of indigestion on lower yields.
Full piece here: 24.07.12 MNI Credit Weekly.pdf
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