European_Credit_Alpha_Heading_to_the_supply_test.pdf
![European_Credit_Alpha_Heading_to_the_supply_test.pdf](https://baogaocos.seedsufe.com/pages/report/2023/09/08/tmp_1694179773578000_2xibu1j9rgd1cecygwu35fzzv22rt11n/1.png)
C₶ed₭₸Re₷ea₶c€A₹g₹₷₸E₹₶₳₴ea₲C₶ed₭₸A₰₴€aHeadingtothesupplytestWelookat€-IGsupplyexpectationsforSeptemberandanalysedisappearingdurationinthePEHYmarket.Wealsotakeanearlylookattheupcoming20-SepCDSindexroll.Our inaugural Barclays Corporate Hybrid Conference will take place on Thursday, 28 September in London. Barclays will host a series of panel discussions with corporate hybrids issuers, investors and rating agencies in the morning, followed by a networking lunch. For more details and to register click here. Overview Head₭₲g₸₳₸€e₷₹₴₴₰₽₸e₷₸....W€₭₰e₷₴₶ead₷₶e₱a₭₲₶a₲ge-b₳₹₲d₻₭₸€₰₳₻₺₳₰a₸₭₰₭₸₽,₸€e₰a₸e₷₸ec₳₲₳₱₭cda₸a₷ee₱₸₳₵₹e₶₽₱a₶₯e₸c₳₲₷e₲₷₹₷f₳₶a₷₳ft₰a₲d₭₲g.W€₭₰e₸€e₭₲₸e₶e₷₸₶a₸e₸₶a₮ec₸₳₶₽₶e₱a₭₲₷₸€e₱a₭₲f₳c₹₷f₳₶₸€e₸₭₱ebe₭₲g,₶e₺₭₺ed₴₶₭₱a₶₽ac₸₭₺₭₸₽₭₲Se₴₸e₱be₶₱a₽ac₸a₷a₱a₶₯e₸₸e₷₸,e₷₴ec₭a₰₰₽f₳₶IG₷₴₶ead₷.Investment Grade S₹₴₴₰₽₴₶e₺₭e₻..Wee₼₴ec₸€-b₲₳fg₶₳₷₷€-IG₷₹₴₴₰₽₭₲Se₴₸e₱be₶,₻€₭c€₭₷€₭g€e₶₸€a₲₸€e€₭₷₸₳₶₭ca₰a₺e₶age.N₳₲F₭₲a₲c₭a₰₭₷₷₹e₶₷₷€₳₹₰dbe₱₳₶eac₸₭₺e₸€a₲F₭₲a₲c₭a₰₷,b₳₸€₭₲Se₴₸e₱be₶a₲d₸€₶₳₹g€₽ea₶-e₲d.I₲£-IG,₻ee₼₴ec₸£.-b₲₳fg₶₳₷₷₷₹₴₴₰₽₭₲Se₴₸e₱be₶.High Yield D₭₷a₴₴ea₶₭₲gd₹₶a₸₭₳₲..T€e₴₶₳₴₳₶₸₭₳₲₳f₷€₳₶₸-d₹₶a₸₭₳₲b₳₲d₷€a₷₷₹₶ged₸₳a₶ec₳₶d€₭g€₳f%,₰ea₺₭₲ga₺e₶aged₹₶a₸₭₳₲₭₲PEHYa₸₮₹₷₸₳₺e₶₸€₶ee₽ea₶₷a₲d₲ea₶₸€e₴₳₷₸-GFC₰₳₻₷.T€₭₷₱a₯e₷₷₴₶eada₲d₸₳₸a₰₶e₸₹₶₲b₶ea₯e₺e₲₷₰₳₳₯a₸₸₶ac₸₭₺eb₹₸₶ed₹ce₷₸€e₹₲₭₺e₶₷e₳f₰₳₲g-d₹₶a₸₭₳₲b₳₲d₷₸₳b₹₽a₲d₭₲c₶ea₷e₷₶ef₭₺₹₰₲e₶ab₭₰₭₸₭e₷.CDS Relative Value ₭T₶a₼₼S–₽e₸a₲₳₸€e₶ea₶₰₽₰₳₳₯..W₭₸€₱₳₶eda₸aa₺a₭₰ab₰e₳₲₶a₸₭₲gc€a₲ge₷a₲dDTCC₸₶ad₭₲g₺₳₰₹₱e₷,₻e₴₶₳₺₭deaf₹₶₸€e₶e₷₸₭₱a₸e₳fc₳₲₷₸₭₸₹e₲₸c€a₲ge₷a₲dfa₭₶₺a₰₹e₳f₶₳₰₰₷ac₶₳₷₷₭T₶a₼₼₭₲d₭ce₷.T€₭₷d₳c₹₱e₲₸₭₷₭₲₸e₲dedf₳₶₭₲₷₸₭₸₹₸₭₳₲a₰₭₲₺e₷₸₳₶₷a₲d₭₷₲₳₸₷₹b₮ec₸₸₳a₰₰₳f₸€e₭₲de₴e₲de₲cea₲dd₭₷c₰₳₷₹₶e₷₸a₲da₶d₷a₴₴₰₭cab₰e₸₳deb₸₶e₷ea₶c€₶e₴₳₶₸₷₴₶e₴a₶edf₳₶₶e₸a₭₰₭₲₺e₷₸₳₶₷₹₲de₶U.S.FINRAR₹₰e.Ba₶c₰a₽₷₸₶ade₷₸€e₷ec₹₶₭₸₭e₷c₳₺e₶ed₭₲₸€₭₷₶e₴₳₶₸f₳₶₭₸₷₳₻₲acc₳₹₲₸a₲d₳₲ad₭₷c₶e₸₭₳₲a₶₽ba₷₭₷₳₲be€a₰f₳fce₶₸a₭₲c₰₭e₲₸₷.S₹c€₸₶ad₭₲g₭₲₸e₶e₷₸₷₱a₽bec₳₲₸₶a₶₽₸₳₸€e₶ec₳₱₱e₲da₸₭₳₲₷₳ffe₶ed₭₲₸€₭₷₶e₴₳₶₸.Please see analyst certifications and important disclosures beginning on page 20 .FOCUSSorenWillemann+⃘⃙₷₳₶e₲.₻₭₰₰e₱a₲₲@ba₶c₰a₽₷.c₳₱Ba₶c₰a₽₷,UKZosoDavies+⃘⃙₾₳₷₳.da₺₭e₷@ba₶c₰a₽₷.c₳₱Ba₶c₰a₽₷,UKCraigNicol+⃘⃙c₶a₭g.₲₭c₳₰@ba₶c₰a₽₷.c₳₱Ba₶c₰a₽₷,UKFranckBataille+⃘⃙f₶a₲c₯.ba₸a₭₰₰e@ba₶c₰a₽₷.c₳₱BBI,Pa₶₭₷ChrisLau+⃘⃙c€₶₭₷.₰a₹@ba₶c₰a₽₷.c₳₱Ba₶c₰a₽₷,UKMelissaMcCallum,CFA+⃘⃙₱e₰₭₷₷a.₱cca₰₰₹₱@ba₶c₰a₽₷.c₳₱Ba₶c₰a₽₷,UKCompleted:24-Aug-23,16:33GMTReleased:25-Aug-23,04:30GMTRestricted-ExternalA₹g₹₷₸Ba₶c₰a₽₷|E₹₶₳₴ea₲C₶ed₭₸A₰₴€aEuropean Credit – Appendices F₹₲da₱e₲₸a₰₷₭₲f₳c₹₷,₯e₽c₶ed₭₸₭₲d₭ca₸₳₶₷a₲d₶e₴₳₶₸₭₲gca₰e₲da₶.We€₭g€₰₭g€₸₷₳₱e₳f₳₹₶₶ece₲₸f₹₲da₱e₲₸a₰c₶ed₭₸₶e₴₳₶₸₷,₯e₽c₶ed₭₸₭₲d₭ca₸₳₶₷f₳₶E₹₶₳₴ea₲HGa₲dHYc₶ed₭₸a₲da₶e₴₳₶₸₭₲gca₰e₲da₶₳f₹₴c₳₱₭₲ge₺e₲₸₷.A₹g₹₷₸C₶ed₭₸Re₷ea₶c€A₹g₹₷₸O₺e₶₺₭e₻HeadingtothesupplytestWhilespreadsremainrange-boundwithlowvolatility,thelatesteconomicdataseemtoquerymarketconsensusforasoftlanding.Whiletheinterestratetrajectoryremainsthemainfocusforthetimebeing,revivedprimaryactivityinSe