Credit Market Analysis
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Credit Market Analysis > Latest Notes
Spreading on the style
No happy ending for primary With a session to go before we close out the month - and one which is unlikely going to sully performance - it's been a good April for spread product. Albeit a late showing, the ratchet tighter has finally been most welcomed by investors. The high yield market takes much of the glory with cash index spreads some 65bp tighter year to date, but t [...]
That is, the financial markets are pinning all of their hopes - for Q2's performance or otherwise - on a Macron win and the status quo being unchanged - because that is what will happen given the likely lack of a parliamentary consensus in France. In credit, we had a deal! The first in IG non-financials as the triple-B rated Brussels Airports Company lifted a sub-benchma [...]
Catching one’s breath
Calm transcends the markets We had more of the same in the session, but less .... a lot less. The euphoric market response to the first round result of the French election failed to elicit much of a follow-through into yesterday's session, which was to be expected. However, we have a new base from which to trade-off and, as we suggested previously, small up and downs from he [...]
Risk on – markets react to French election result
Calling a spade a spade The polls finally got it right - our faith in them has been restored! And there was relief all round, especially for anything with a French flavour to it. The CAC jumped by almost 5%, OATs recovered 10bp in the 10-year maturity and French corporate spreads outperformed. Bunds underperformed as safe-haven risk was shunned. So, that's a good starting [...]