Barclays_European_Credit_Alpha_Scattered_clouds

ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport.Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage33.EuropeanCreditAlphaScatteredcloudsWediscusstrendsintradingvolumesacrossIGandHYcash,CDSindices,ETFs,TRSsandsingle-nameCDS.WealsolookatCLOredemptions.Weappreciateyour5-starvoteinthe2024InstitutionalInvestorGlobalFixed-IncomeResearchSurvey.Viewouranalysts»Vote5starsforBarclays»WearepleasedtoinviteyoutoourinauguralBarclaysHybrids&CapitalConference,auniqueeventthatcoversallhybridcapitalsegments,inLondonon25-26September.Duringthetwo-dayevent,Barclayswillhostascheduleofpaneldiscussionswithissuers,investors,industryexperts,regulatorsandratingagencies.Theagendawillalsoincludeaselectionofissuershostingprivateone-on-oneandgroupmeetingswithinvestors.Formoredetailsandtoregisterclickhere.OverviewScatteredclouds.................................................3TechweaknessintheUS,softEAPMIsandidiosyncraticriskhasdisruptedthesummergrind.WedonotrecommendfadingHYweaknessvsIGcash,orMainweaknes...