Credit Market Analysis
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Credit Market Analysis > Latest Notes
Let the music play on
The Dax is up almost 19% and the S&P500 has risen by around 17.5% (setting record highs for the S&P/Dow in the process) but there is also a great story in fixed income. We struggle to find a time when Eurozone bonds (iBoxx index) have returned, in any period, anywhere close to 6% - let alone exceed that number. In credit, the AT1 sector takes the plaudits, with retu [...]
Cold'ish Turkey moment... After the huge excitement generating rallies across all markets, the comedown. Time for some respite and reflection before we no doubt have another frenzied period where rates rally, equities push-on on the back of easier central bank policy and credit spreads tighten even as borrowers flood the markets with deals. Against the odds, it's been an [...]
It's all gone Japanese... The hidden subliminal message is to buy corporate bonds... or anything fixed income, rather. The intraday record low -0.329% yield for the 10-year Bund is clearly milestone territory, but that is not the target level we should be looking at. It's -0.50% although at this rate, we might be staring at -0.75% soon enough. Long gone is the time when we t [...]
Get it in - while the going is good... It appeared a slow day - for anyone who wasn't involved in the corporate bond market. Because primary was churning out deals through a very busy session. Corporate treasury desks were taking advantage of what appears to be quieter week on the news flow/data front with the Fed/BoE/BoJ all expected to leave policy unchanged when they deli [...]