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MNI Credit Weekly: Steady on the Surface

MNI: Steady on the Surface

MNI Credit Weekly: Steady on the Surface

IG cash spreads less than 1bp tighter with credit pricing in an ongoing goldilocks environment.

The demand narrative remains but we are watching fund flows closely with $IG seeing mild outflows.

Supply was notionally near median at just over EUR 16bn (ranked 7/15 YTD) across 15 issuers though this is significant for a three-day supply window. It was the shortest WAM of the year with just a single 10yr senior deal. Books showed the lowest cover aside from first week of the year. Average BBG NICs were wider than past two weeks at ~14bp.

Earnings season is underway with US banks kicking things off today.

Full piece here:

https://roar-assets-auto.rbl.ms/files/60848/24.12.04%20MNI%20Credit%20Weekly.pdf

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