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MNI Credit Weekly: Cool Heads

Credit spreads held firm despite DeepSeek volatility.
AnalysisCredit AnalysisHomepageCreditStory

Executive Summary: Cool Heads

  • While the DeepSeek news triggered some dramatic news for AI exposed stocks, their corresponding credit spreads showed little disturbance. We view that as sensible rather than complacent; elevated growth multiples correcting shouldn’t impact credit quality in most cases. Spreads finished the week 3bp tighter with notable outperformance from Autos.
  • The DeepSeek shock and dovish ECB reaction helped rate curves finish the week lower. Tariff headlines were of course a feature again with Mexico and Canada back in focus.
  • Fund inflows firmed up for all areas while US equities saw a bumper $20b come in
  • Primary supply took a step down with many issuers in blackout, leaving supply short of expectations. Week ahead views are little changed.

Full piece here: 25.01.31 MNI Credit Weekly.pdf

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Executive Summary: Cool Heads

  • While the DeepSeek news triggered some dramatic news for AI exposed stocks, their corresponding credit spreads showed little disturbance. We view that as sensible rather than complacent; elevated growth multiples correcting shouldn’t impact credit quality in most cases. Spreads finished the week 3bp tighter with notable outperformance from Autos.
  • The DeepSeek shock and dovish ECB reaction helped rate curves finish the week lower. Tariff headlines were of course a feature again with Mexico and Canada back in focus.
  • Fund inflows firmed up for all areas while US equities saw a bumper $20b come in
  • Primary supply took a step down with many issuers in blackout, leaving supply short of expectations. Week ahead views are little changed.

Full piece here: 25.01.31 MNI Credit Weekly.pdf