MNI BRIEF: Academic Taylor Appointed To BOE's MPC

MNI BRIEF: China July Unemployment Rates Rises On Weak Economy

MNI BRIEF: Beijing Property Sales Steepen Decline In July

MNI China Daily Summary: Friday, August 16

MNI China Press Digest Aug 16: Retail Sales, Hukou, Property

MNI: PBOC Net Injects CNY124.9 Bln via OMO Friday

MNI: CANADIAN JUN MANUFACTURING SALES -2.1% MOM

MNI: US JUL HOUSING STARTS 1.238M; PERMITS 1.396M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI Credit Weekly: Blink and You Missed It

AnalysisCredit AnalysisCreditStory

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
164 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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