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MNI Credit Weekly: Buyer Beware

AnalysisCredit AnalysisCreditStory

Executive Summary: Buyer Beware

  • Euro credit spreads tightened a further 3bp on the week. Earnings season has been mostly supportive so far; even Autos performed this week despite some bearish updates.
  • Event risk is probably more in focus now following the DoJ’s successful block of Tapestry and Capri merging. 101 event call risk inflicted pain on bondholders.
  • Rates markets diverged with dovish pricing in Europe post-ECB and the reverse action in the US where retail sales and Trump victory odds were in focus. Peripheral spreads had a firm week.
  • Primary was subdued again with blackout. Heimstaden Bostad wasted no time mandating a deal within hours of earnings. It’s been one of the best performing curves this year.

Full piece here: 24.10.25 MNI Credit Weekly.pdf

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Executive Summary: Buyer Beware

  • Euro credit spreads tightened a further 3bp on the week. Earnings season has been mostly supportive so far; even Autos performed this week despite some bearish updates.
  • Event risk is probably more in focus now following the DoJ’s successful block of Tapestry and Capri merging. 101 event call risk inflicted pain on bondholders.
  • Rates markets diverged with dovish pricing in Europe post-ECB and the reverse action in the US where retail sales and Trump victory odds were in focus. Peripheral spreads had a firm week.
  • Primary was subdued again with blackout. Heimstaden Bostad wasted no time mandating a deal within hours of earnings. It’s been one of the best performing curves this year.

Full piece here: 24.10.25 MNI Credit Weekly.pdf