IG Credit view

Overall hit ratio on new issues is looking much weaker vs a few weeks ago. RMs are offloading credit as yields approach April lows — even with equities firmer & vols cheapening. 3yr FRN demand is also fading, All point to limited room for spreads to gap tighter. Seeing demands in 2yr FRNs with 70+bp spread, and have adjusted my book accordingly. No interests in FXD credits.