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MNI Credit Weekly; Some Tricks, Some Treats

  • Euro credit spreads tightened another 1.5bps vs Bunds. This was at least partially the result of the bund curve cheapening; Swap spreads tightened 7-8bps in the belly of the curve.
  • Volatility picked up in macro assets. VIX rose to a high of 23.5. NASDAQ 100 fell 3.7% peak to trough on Weds/Thurs as Meta and Microsoft disappointed. Gilts, UST and DBR all sold off to recent yield highs primarily on funding concerns. There was some relief in the oil market which opened 4% lower on Monday but this move did retrace over the week.
  • There was a significant repricing of Central Bank moves, notably for the BoE. Over the week, the BOE’s expectations moved from 5 cuts to just 3.4 by Sep ’25.
  • Primary markets were active this week after subdued volumes earlier this month, headlined by the EUR 5bn DSV deal while books were well covered and NICs remained tight.

24.11.01 MNI Credit Weekly.pdf

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