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Weekly Fund Flows

CREDIT MACRO
  • Credit inflows continued in Euro & USD IG/HY - given muted inflows into ETFs we continue to see it driven by conventional/mutual funds. Regardless inflows have been enough this week to support within expectations supply of $37b in $IG (for a change) & above consensus €30m in Euro/Sterling IG/HY (with Friday deals to price as well).
  • On £IG; it continued to see outflows for 3rd straight week - again its not evident in secondary spreads (IG/HY -6/-13bps WTD) but we saw signs of it in (certain) primary deals (like high-grade Nestle). £ supply still remains muted - £2.4b in IG is running slower than last 3 years and comes off a very slow February (£2b vs. £8b in Feb last yr).
  • Outside of credit, $ govvies saw small outflows while € continued to receive inflows. US equities saw very strong inflows & is continuing recent strength (despite indices trading ~sideways this week) - muted equity flows outside of the US.

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  • Credit inflows continued in Euro & USD IG/HY - given muted inflows into ETFs we continue to see it driven by conventional/mutual funds. Regardless inflows have been enough this week to support within expectations supply of $37b in $IG (for a change) & above consensus €30m in Euro/Sterling IG/HY (with Friday deals to price as well).
  • On £IG; it continued to see outflows for 3rd straight week - again its not evident in secondary spreads (IG/HY -6/-13bps WTD) but we saw signs of it in (certain) primary deals (like high-grade Nestle). £ supply still remains muted - £2.4b in IG is running slower than last 3 years and comes off a very slow February (£2b vs. £8b in Feb last yr).
  • Outside of credit, $ govvies saw small outflows while € continued to receive inflows. US equities saw very strong inflows & is continuing recent strength (despite indices trading ~sideways this week) - muted equity flows outside of the US.