MNI EU Credit Weekly: Chips Down

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Executive Summary: 

• Cash spreads widened only 0.6bps despite renewed macro concerns. Financials (+2bps) lagged despite
  strong earnings reports.
• In macro, Treasury rates were caught between higher oil prices, hawkish rhetoric and risk off impulse from
  tech valuation concerns. Bund yields moved higher, reflecting higher sensitivity to energy.
• Fund inflows moderated for credit while equities continued their recent inflow strength.
• EUR IG supply slowed to under €5bn. NICs were 1bp lower WoW but remain elevated at a 9bp average.