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YTD €IG Supply By Week

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).

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