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MNI Credit Weekly: Back With a Bang

Credit spreads held firm despite heavy supply and higher rates.
AnalysisCredit AnalysisHomepageCreditStory

Executive Summary: Back With a Bang

  • Spreads were little changed this week, showing impressive resilience in the face of heavy primary supply and higher rates.
  • Today’s strong NFP was the latest hawkish blow to rates markets as policy concerns continue to grow. Eurozone rate cut expectations held firmer as downside economic risks continue to dominate. Gilts attracted a lot of attention but mostly remain orderly for now.
  • Both fund flow and ETF data indicated mild inflows to IG this week.

  • Primary had the biggest week since August with healthy book covers and minimal NICs indicating strong demand.

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Executive Summary: Back With a Bang

  • Spreads were little changed this week, showing impressive resilience in the face of heavy primary supply and higher rates.
  • Today’s strong NFP was the latest hawkish blow to rates markets as policy concerns continue to grow. Eurozone rate cut expectations held firmer as downside economic risks continue to dominate. Gilts attracted a lot of attention but mostly remain orderly for now.
  • Both fund flow and ETF data indicated mild inflows to IG this week.

  • Primary had the biggest week since August with healthy book covers and minimal NICs indicating strong demand.

Keep reading...Show less