📝U.S. Dollar Credit Supply Relatively Low In August: ING Credit Strategy

Supply in August totalled US$35bn, lower than previous year’s level. Although this is higher than June’s supply and, more notably, July’sWe expect supply in September to increase to the usual heavy amount for the month. Corporate YTD supply now sits at US$500bn, and after redemptions, YTD net supply now sits at US$117bn. Financials supply amounted to US$29bn in August, lower than the level seen in August in previous years. This has resulted in a larger lag of financials supply when compared to previous years, with just US$290bn supplied on a YTD basis. - ING Credit Strategy