MNI US Credit Weekly
May-01 21:26By: Douglas Conn and 3 more...
US Utilities+ 14
Executive Summary:
- Despite a heavy earnings week, spreads were nearly unchanged. Oil remained volatile, but the market continues to price a benign outcome in the Middle East.
- In macro, major US Tech earnings passed without much impact. A hawkish Fed presser and rising energy prices saw global rates face upward pressure.
- Fund flows weakened for credit led by IG. US HY saw decent flows. US equity strength continued in face of outflows in other regions.
- Supply exceeded the $20B estimates, with 26 issuers pricing $63B, led by mega deals from Meta ($25b) and Intel ($6.5b).
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