Credit Market Analysis
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Credit Market Analysis > Latest Notes
Luv’ it, just luv’ it!
Credit in a class of its own... Resilience comes to mind when offering a description of the corporate bond market at the moment. Equities might move higher or lower by up to 1.5% in a session as they react to the headline risks, but without a bigger down-leg, credit (at worst) just treads water or edges a little wider. The corporate bond market is holding firm at the moment [...]
When the chips are down
Collateral damage a sign of things to come... The collateral damage of the Trump order to blank Huawei on security grounds came through good and proper in the markets on Monday. What should have been - and initially looked like being - a small up or down session across the markets as they reacted to and absorb the weekend's news flow (Aussie elections, Japanese GDP, Google/H [...]
It isn’t getting any easier
Funnily enough.... The markets threatened a rout and all the ingredients were there for a steeper sell-off in last week's final session. But we're showing some resilience. Actually, corporate bond market investors find themselves in a good situation at the moment, and we think the conditions for that being the case are going to persist through the rest of 2019. As long as we [...]
Closing “Short TCGLN” Recommendation
Recommendation On 21 March 2019, we initiated our short recommendation: ‘TCGLN 3.875 currently trading at 67.5 have scope to fall further to 45 cash price…’ On 4 May 2019, when bonds fell to 55 cash price, we said: ‘…. we believe that the bonds have further to fall and maintain the short.’ Our rationale was that there was much uncertainty regard [...]