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US Open

CREDIT UPDATE

CDX opens -0.4/-1 tighter, S&P futures +0.1% with low vol in pre-market. - $IG finished +1bp through $18b in supply while $HY decompressed - latter wasn't matched here and not explained away by rates. Net it's adding to same themes YTD; local HY outperformance (YTD returns at 4.2%) and €IG spread exceptionalism. Total return investors are actually better YTD in $IG now - better carry making the difference but it will hurt longer duration $IG index investors if US rates continues steeping (5s10s +15 YTD).

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CDX opens -0.4/-1 tighter, S&P futures +0.1% with low vol in pre-market. - $IG finished +1bp through $18b in supply while $HY decompressed - latter wasn't matched here and not explained away by rates. Net it's adding to same themes YTD; local HY outperformance (YTD returns at 4.2%) and €IG spread exceptionalism. Total return investors are actually better YTD in $IG now - better carry making the difference but it will hurt longer duration $IG index investors if US rates continues steeping (5s10s +15 YTD).