Credit Market Analysis
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Credit Market Analysis > Latest Notes
Few will be getting rich(er) this summer
Feeling content, though... The week just gone is likely going to be a flavour of what to expect over the next few to come. Everything pretty much rangebound, that is. In primary, it will be the offering of the odd deal - and that includes those which require a little more effort like from the high yield market. Equities will not be doing too much unless a major crisis eru [...]
And now, the end is near…
Headline risks fading for the moment... It's just as well the Brexit debate continues to rage, because there isn't too much to focus on elsewhere. There will be some light relief that UK inflation number was stable at 2.4% in June & below market expectations, and now making highly unlikely that the BoE will raise rates at its 2nd August meeting. Sterling took a blow a [...]
Holidays are coming, really!
Summertime blues... It's not getting any better in terms of activity - while the rest of the market is going sideways in terms of pricing. Admittedly, there was an uptick in issuance in the session, but mostly it was financials and covered bonds. There is an eerie disquiet around the plain vanilla non-financial IG corporate bond sector. These borrowers are probably mostly do [...]
The numbers don’t lie
Holidays are coming €3.8bn, €2bn and €8bn versus €13bn, €5bn and €2.7bn. That's IG non-financial, HY and senior financial issuance, respectively, in July so far - against the full month total for the same month in 2017. The numbers don't hide anything. In fact, they make for a fairly depressing monthly read. They're important because the market doesn't really fun [...]