MNI EU Credit Weekly: Rally Resumes
Aug-08 15:12By: Piri Muthu and 5 more...
EU Utilities+ 14
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Executive Summary:
- Spreads closed 1.8bps tighter week with financials leading the rally.
- Macro 2s/10s Bunds sold off from Monday’s lows closing +2/+1bps on the week. Trump tried to influence Fed & BLS, BoE deployed hawkish cut.
- Fund Flows continue to see Euro-IG strength, with USD joining this week. Equities turned to outflows.
- Supply was low with another <€5bn this week (100% fins vs. 100% corps last week). Books were strong albeit aggregate pricing softened.
