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MNI Credit Weekly: Blink and You Missed It

MNI (LONDON) - Executive Summary: Blink and You Missed It

  • Spreads finish the week almost 3bp tighter, further retracing the recession fear-induced widening of less than 2 weeks ago. iTraxx Main rallied 7bp over the week, compressing the basis. Like the VIX, that measure has now retraced fully. Cash is still around 6bp wider over the same period. Technicals are firm, which could help cash again next week before the likely resumption of primary the week after; most will be wary of carrying much risk into that at these levels.
  • The bigger movers were skewed to the upside, with topical names Bayer, Kellanova, Rolls-Royce and Aroundtown posting gains.
  • CPI, Jobless Claims and Retail Sales data all contributed to calming of recession fears, helping price out some of the recent jump in implied rate cuts from major central banks.
  • Primary was effectively shut with just a single FRN priced. 
  • Fund flows were mixed with inflows to $IG, outflows from €IG (small) and $HY.

    Full piece here: 24.08.16 MNI Credit Weekly.pdf
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