Credit Market Analysis

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Credit Market Analysis > Latest Notes

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Stuttering into a policy response We head into the final week of the month reeling from a weak set of economic data from the Eurozone, which came just a day after China posted better than expected GDP numbers for the first quarter. French and German PMIs for the manufacturing sector show that activity has slumped and is set to remain weak (in contraction). Services are doing [...]

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Got to be happy with that

Euro-denominated IG credit spreads (iBoxx index) at B+127bp (-46bp this year already) might actually see B+110bp or lower before 2019 is out. All we need is fear (that it could all come crashing down), hope (that we might be seeing global growth underpinned by those Chinese stimulus measures) and a lot of luck (that event risk remains well off the radar). It looks like we w [...]

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Inflows, demand, reduced primary, illiquidity…. squeeze

Credit bagging performance... It appears as if the Easter holidays are already with us and are acting as limiter on activity after a breakneck start to the year, against the expectations of most. The Dax is up by close on 15%, the S&P a good session's trading away from a fresh record high, just as euro-denominated IG credit sits on returns of almost 3.5% year to date - w [...]

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2016 (or maybe 2017?) all over again

Credit market lapping it up... There are still a couple of weeks in which to get some business done either side of the long Easter weekend break. And chances are that credit Primary ought to be flying, equities will probably edge higher, fuelled by the potential for further eventual policy easing - while discounting a potentially poorer earnings season overall (bank results [...]

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