MNI Credit Weekly: Deal or No Deal

Executive Summary

• Spreads were little changed on the week, with notable sector dispersion. Tariff exposed Autos and Healthcare underperformed while insulated Utilities and Financials were notably strong in both Primary and Secondary.
• Macro moves were again influenced by tariff uncertainty, with China so far getting tougher treatment than Canada and Mexico. Data tilted dovish while Central Bank sources made hawkish comments.
• Fund flows continued to strengthen for $IG/HY while €IG held firm at shy of €1bn. Milder €HY inflows continued.
• €16.5bn of Primary supply aligned with expectations. Surveys anticipate an increased slate for next week.

Full piece here: 25.02.07 MNI Credit Weekly.pdf