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MNI Credit Weekly (Reblast From Fri)- Bond Voyage

CREDIT UPDATE
Full piece: https://roar-assets-auto.rbl.ms/files/64823/24.06....
  • • The fast-moving French political situation caught the market off guard this week and was THE driver of European risk.
  • • Index OAS spread widened 3.6bp WoW to yesterday’s close, with bigger G spread moves given swap spread widening. Financials (OAS +6bp) naturally underperformed corporates with some big moves from the French majors.
  • • Primary continued early in the week before shuttering into FOMC; the soft risk tone resulted in pulled deals and a lower volume week.
  • • Fund flows were positive in € and $, particularly €IG. £IG saw large outflows, however.
  • • France naturally dominated the macro focus, but it would be easy to forget both CPI and PPI inflation prints came in very low. The FOMC provided a hawkish update to the ’24 dot plot but dovish further out.
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