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MNI Credit Weekly: Walking the Tightrope

Spreads are back at YTD tights, despite downgrades and European macroeconomic headwinds.
AnalysisCredit AnalysisHomepageCreditStory

Executive Summary: Walking the Tightrope

  • Spreads were marginally tighter again. With spreads back at YTD tights, eyes are turning to positioning for next year already. This is despite downgrades coming through in Chemicals, Autos, Water and Fashion as some issuers run out of road from raters. Comments from European companies suggest macro uncertainty is increasing.
  • Yields continue to diverge between the US and Europe. Trump’s cabinet picks weighed further on Treasuries, while Bunds continue to price in growth headwinds. Swap spreads continued their tightening trend.
  • Fund flows were moderately positive with notable strength in euro IG and dollar HY.
  • Primary returned strongly with the 9th busiest week YTD. Issuance was met with good demand following the earnings and election supply drought, with sentiment firm and cash plentiful. Median NICs remain around flat. 

    Full piece here: 24.11.15 MNI Credit Weekly.pdf
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Executive Summary: Walking the Tightrope

  • Spreads were marginally tighter again. With spreads back at YTD tights, eyes are turning to positioning for next year already. This is despite downgrades coming through in Chemicals, Autos, Water and Fashion as some issuers run out of road from raters. Comments from European companies suggest macro uncertainty is increasing.
  • Yields continue to diverge between the US and Europe. Trump’s cabinet picks weighed further on Treasuries, while Bunds continue to price in growth headwinds. Swap spreads continued their tightening trend.
  • Fund flows were moderately positive with notable strength in euro IG and dollar HY.
  • Primary returned strongly with the 9th busiest week YTD. Issuance was met with good demand following the earnings and election supply drought, with sentiment firm and cash plentiful. Median NICs remain around flat. 

    Full piece here: 24.11.15 MNI Credit Weekly.pdf