Corporate Bond Analysis

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Credit Market Analysis > Latest Notes

🗞️ Great rally, but there should be more opportunities

Better to be safe than sorry... The opening of a window and 'hey presto!', there is no shortage of borrowers jumping through it, albeit paying up to get deals away. We don't think that, perhaps down the line, it is going to be seen as a panic move even if the companies issuing do not have a liquidity problem and are unlikely going to have one. We do, however, think that t [...]

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🌄 First of Many False Dawns

Timing is everything and nothing... Are we reading this wrong? An extraordinarily positive day in equities, and a clutch at the proverbial straw of hope of a turnaround. There is a massive fiscal boost on the way in the US to augment the monetary one as well as the open-ended Fed purchases already announced. That will surely light the blue touch paper. The virus will even [...]

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🗞️ Pyrites at the end of the primary rainbow

Closing for business... Another day goes by and it was another decent leg lower in for risk assets. Even with the Federal Reserve going all-in, becoming the ultimate back-stop bid for fixed income markets, failed to prop up risk markets. Classically, it ought to have translated into some material support across those very markets. It didn't, coronavirus doesn't listen, and w [...]

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🗡️ Catching a falling knife

UK goes for broke, others to follow... In a last throw of the dice, Britain has closed for business. Encouragingly and correctly, the fiscal response has been immense, unprecedented in its size and nature and broken many a financial taboo. A volcanic-like explosion of liquidity and support all being necessary as the country (and world) heads into hibernation mode. The eco [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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