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MNI Credit Weekly: Le Vendredi Noir

A low volatility week in credit markets.
AnalysisCredit AnalysisHomepageCreditStory

Executive Summary:

  • Index spreads finish the week unchanged as activity begins to wind down after Thanksgiving. Primary surveys suggest there should still be some supply next week. French credits were naturally in focus, with an average 2bp widening.
  • A week is a long time in macro. This one began with Trump’s Treasury Secretary pick in focus; Bessent is seen as fiscal hawk which helped compress yields. OAT widening has dominated since then; renewed French political turmoil has brought tonight’s S&P decision into laser focus.
  • Fund flows were positive for IG in both $ and €, while HY saw small outflows.
  • Primary was quiet as we approach year end, with just two deals.
    Full piece here: 24.11.29 MNI Credit Weekly.pdf
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Executive Summary:

  • Index spreads finish the week unchanged as activity begins to wind down after Thanksgiving. Primary surveys suggest there should still be some supply next week. French credits were naturally in focus, with an average 2bp widening.
  • A week is a long time in macro. This one began with Trump’s Treasury Secretary pick in focus; Bessent is seen as fiscal hawk which helped compress yields. OAT widening has dominated since then; renewed French political turmoil has brought tonight’s S&P decision into laser focus.
  • Fund flows were positive for IG in both $ and €, while HY saw small outflows.
  • Primary was quiet as we approach year end, with just two deals.
    Full piece here: 24.11.29 MNI Credit Weekly.pdf