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MNI Credit Weekly: Volatility Is Back

Volatility has returned to the credit market with risk tone shifting on geopolitical concerns.

AnalysisCredit AnalysisHomepageCredit

Executive Summary: Volatility has returned to the credit market with risk tone shifting on geopolitical concerns.

  • IG cash spreads 6bp wider on the week into yesterday’s close following geopolitical concerns in the Middle East, with Tuesday the fourth worst day for the index in the past year.
  • The demand narrative weakened with €IG seeing net outflows while €HY was flatter though this didn’t stop €HY from widening 31bp on the week.
  • The fourth quietest supply week of the year with the second highest average NICs by our tracking (only the first week of the year was higher) as market volatility and the earnings season weighed upon supply. That said, books still attracted total cover above 3x and average launch spreads were tighter than in recent weeks on the back of high issuer ratings.
  • Earnings season is underway and really kicks off next week with a wave of issuers reporting.

Full piece here:

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Executive Summary: Volatility has returned to the credit market with risk tone shifting on geopolitical concerns.

  • IG cash spreads 6bp wider on the week into yesterday’s close following geopolitical concerns in the Middle East, with Tuesday the fourth worst day for the index in the past year.
  • The demand narrative weakened with €IG seeing net outflows while €HY was flatter though this didn’t stop €HY from widening 31bp on the week.
  • The fourth quietest supply week of the year with the second highest average NICs by our tracking (only the first week of the year was higher) as market volatility and the earnings season weighed upon supply. That said, books still attracted total cover above 3x and average launch spreads were tighter than in recent weeks on the back of high issuer ratings.
  • Earnings season is underway and really kicks off next week with a wave of issuers reporting.

Full piece here:

Keep reading...Show less