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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT SUPPLY
- Excludes today’s supply (i.e. the Barry Callebaut deal).
- Another middling week of supply though it felt busier given the three day issuance window; ranked the seventh busiest week of the year in terms of volume.
- Cover remained subdued this week at 2.8x vs. the YTD total of 3.2x.
- WAM was towards the shorter end of the spectrum; fourth shortest of the year.
- The average NIC of 10bp is up from 2bp last week but this was largely on the back of the Athora (40bp wide of our FV), PostNL (35bp wide), Aptiv (22bp wide) and CEZ (15bp wide) deals.
- Excluding Athora (no curve) we get an average of 7bp which is more in line with prior weeks though still elevated.
- If you exclude deals with NICs more than 20bp away from FV (i.e. Athora/PostNL/Aptiv this week) as outliers, the average falls to 5bp (compared to 2bp last week, and 3bp in both of the two weeks before that).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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