MNI Credit Weekly: Google It

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Executive Summary: 

• Spreads widened 4bp on the week, despite risk on in equities and CDS. Heavy supply was a factor, with high rated names repricing on Alphabet and Visa bringing rare AA corporate paper.
• Continued optimism on US-China relations, and trade talks in general, underpinned the ongoing recovery in risk assets.
• Fund flows came in positive for ERU IG and HY. The standout was US HY with more than $3bn in inflows.
• Despite the May Day holiday, it was the busiest primary week of the year with €26bn of supply. Surveys expect a more moderate week ahead.