Credit Market Analysis

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Credit Market Analysis > Latest Notes

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 [...]

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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 [...]

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Rollercoaster ride continues

Hybrids steal the show... We needed IG non-financial deals, and we got them, finally! Several were higher-yielding in nature and served up a treat for investors, starved of primary activity of late in the non-financial corporate bond market. The plaudits will go to Telefonica for its dual tranche hybrid transaction, but Caixabank's contingent convertible transaction will hav [...]

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Let’s hang on to what we’ve got

Baby steps... It seems like a rarity in itself that we get off to a good start, but after that push in the US at the back-end of last week, the rising tide of US risk markets served up to promote a better opening session of the week in Europe. But we didn't quite fly out of the blocks in equities, although financials borrowers were not shy in coming forward in credit. Even a [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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