MNI Credit Weekly: Summer Lovin'

Executive Summary: 25.07.04 MNI Credit Weekly.pdf

• Despite a compressed week ending with Independence Day, spreads tightened 7bp with all sectors
  performing. The Big, Beautiful Bill provided the latest boost to sentiment. Seasonally slowing primary and
  firm quarter end flows were supportive.
• In macro, NFP and unemployment figures drove hawkish Fed repricing, while gilts were subject to vol. on
  ongoing fiscal uncertainty.
• Credit and Agg funds saw positive Fund Flows across the board. Equities were mixed, while Govts had
  outflows across the board.
• Supply was notably lower with under €6bn printing. NICs were once again lower, with our weekly average
  falling to 0bp. Expectations are for an even quieter week ahead.