MNI Credit Weekly: Holding Pattern (Correction)
Mar-21 16:18By: Donal Golden and 5 more...
Utilities+ 14
Executive Summary:
- EUR spreads tightened marginally with little sector dispersion. Tariff rhetoric took a back seat with Ukraine taking the policy focus. Higher NICs indicate more balanced risk appetite here.
- Macro saw lower rates over the week with the FOMC revealing a slower pace of QT. Bunds outperformed treasuries even with Germany’s fiscal package confirmed.
- EUR IG and HY saw small outflows. Both segments had inflows in the US, with a skew to HY. Equities remain in favour with Europe seeing particularly strong inflows.
- €14bn of IG supply landed close to expectations. NICs continue to trend wider. Supply expectations for the week ahead are similar.