MNI EU Credit Weekly: Drought Conditions

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Aug-07 15:11By: Piri Muthu and 5 more...
EU UtilitiesEU TransportationEU TechnologyEU Real Estate+ 11

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Executive Summary: 

  • Cash spreads were firm this week. The earnings season has been strong, geopolitical volatility toned down, and supply was almost entirely absent.
  • In macro, Central Bank hiking expectations have been reduced. The US Labour market is cooling; oil prices have come down; and the S&P 500 is at all-time highs.
  • Fund flows rebounded for credit led by US inflows.
  • EUR IG supply slowed further with just a single 12yr bond issued by Eurogrid this week