June 28, 2024 15:07 GMT
MNI Credit Weekly: Sailing Upwind
Sailing Upwind
Executive Summary: Sailing Upwind
- Despite OATs at new wides betraying ongoing nervousness into the French election, credit managed to tighten slightly over the week.
- Index OAS spread tightened almost 2bp to yesterday’s close. TMT and Energy were strongest, with Capital Goods weakness. Financial moves were in line with corporates, with Jefferies’ results a positive early indicator for earnings season.
- Primary had another slow week, but conditions were friendlier to issuers than the previous fortnight. We even had the return of AT1 issuance, with Commerzbank meeting strong demand.
- Fund flows were rather flat in Europe, but inflows persist in US credit.
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