May 24, 2024 14:39 GMT
MNI Credit Weekly: Supply Down But Not Out
CREDIT UPDATE
Full piece here:
https://roar-assets-auto.rbl.ms/files/64400/24.05....
- IG cash spreads tightened by 3bp on the week with continued outperformance from the two best YTD performers Energy and Fins (35bp and 44bp tighter respectively YTD vs. 30bp tighter for the IG index).
- Primary took a relative breather following the previous week’s supply deluge but still came in as the sixth busiest supply week of the year with NICs broadly in line with the week before and cover ratios in line with the YTD average.
- Macro was dominated by a return to higher-for-longer central bank discussions with the bulk of the recent dovish move pared and OIS markets pricing in less than 60 bps of ECB cuts this year.
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