Supply Skews to $ & Matched by ETF Flows

We are seeing a heavy skew to $ supply this week - $IG priced $18b yesterday while €IG looks to have stayed relatively muted for a 2nd day in a row - expectations heading into the week were not drastically different.

In $IG yest. NIC's avg'd 3bps and books covered 3.5* - slightly weaker metrics than recent & mixed at the deal level - GM (Baa2/BBB) came wide and gave 10bps in NIC across its 3 & 7yr while Texas Instruments (Aa3/A+) priced tighter to secondary on its 5-part - no clear sign of skew in books to the long-end 30/39's & no noticeable weakness in broader long-end spreads in secondary. ETF flows don't indicate any strong bias in duration either.

$IG ETF's are posting inflows in recent sessions in stark contrast to IEAC that's continued to post outflows over the week (noting € ETF space is smaller).