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MNI Credit Weekly: The Tail That Wags the Dog

Tight pricing in primary continues to underpin market strength.
AnalysisCredit AnalysisHomepageCreditStory

Executive Summary:


• Primary continues to be the tail that wags the dog, with negative average NICs demonstrating still strong
technicals in credit. Fund flows are also helping. Spreads finish the week 2.4bp tighter.
• Trumps’ policy pronouncements, and tariffs in particular, were the focus in macro this week. Core FI
curves finish little changed, with a surprisingly softer stance on China the latest headline.
• Fund inflows firmed up for most areas, apart from €HY that remained flat.
• Primary had a slower, but still healthy week as we continue to move into earnings season. Book sizes were
lower, but still healthy, despite reduced volume. Supply is likely to step down again next week.

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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Executive Summary:


• Primary continues to be the tail that wags the dog, with negative average NICs demonstrating still strong
technicals in credit. Fund flows are also helping. Spreads finish the week 2.4bp tighter.
• Trumps’ policy pronouncements, and tariffs in particular, were the focus in macro this week. Core FI
curves finish little changed, with a surprisingly softer stance on China the latest headline.
• Fund inflows firmed up for most areas, apart from €HY that remained flat.
• Primary had a slower, but still healthy week as we continue to move into earnings season. Book sizes were
lower, but still healthy, despite reduced volume. Supply is likely to step down again next week.

Keep reading...Show less