MNI EU Credit Weekly: Sale of the Century

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Executive Summary: 

• Spreads were marginally wider at +1bp. The big story was Alphabet’s issuance, including a GBP century bond.
• Macro weighed conflicting signals from economic data. Volatility in AI-exposed equities helped UST rates finish the week around 15bp lower.
• Fund flows were firmer in IG and remained on inflows in equities across both regions.  
• Supply rose to €18bn with an even split between corps and fins. Average cover was the lowest of the year though aggregate NICs were marginally lower at 0bp. Expectation for next week are similar.