Credit Market Analysis
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Credit Market Analysis > Latest Notes
Bulletproof primary credit
There's a sense of pragmatism running through the primary markets. We had a well-deserved day off on Friday following a heavy couple of sessions. But the indigestion has soon passed and we were printing deals in Monday's session even as equities took a tumble amid the usual machinations around fears of trade protectionism, the FOMC and anything else one can care to throw in [...]
Yes, we can!
And we will... Just about €17bn of IG non-financial corporate bond issuance last week after just €5bn in the opening week and a half of March, and of course the market was going to feel a bit of indigestion. We wouldn't necessarily think that there was a material push back by investors, but a short period (of just a day or two) of zero or lower levels of issuance will s [...]
New deals effortlessly absorbed
Anyone for a Cartier... We were again furnished with plentiful issuance across a wide range of corporate sectors which took in non-financials, financials (senior and subordinated) and the real estate sector. The deals kept the corporate bond market fully engaged. Elsewhere, equities traded in mixed fashion before receiving a late push higher, rate markets close to unchanged [...]
Primary market re-opens proper
Don't worry about it... The corporate bond market was squarely focused on the blockbuster Sanofi offering and single-handedly almost doubled the amount of issuance seen this month. Macro focus was that poor Eurozone industrial production figure for January, as Draghi spoke about the need to be 'patient, persistent and prudent' on ECB policy. The UK government was busy respon [...]