Credit Market Analysis

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Credit Market Analysis > Latest Notes

Corporate bonds – The Dead Zone

Zombie bond market... These are odd times for credit. The corporate bond market should be racing along. It isn't. Admittedly, there are warnings signs aplenty on macro, rate markets and geopolitics, and while equities generally are holding steady after recovering from their recent wobble, there's little follow-through into the credit markets. Corporate bond markets are certa [...]

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IG borrowers missing in action

Corporate vanishing act... A poke in the eye for a moribund euro-denominated IG non-financial corporate bond market, as Syngenta decided not to proceed with the acquisition finance funding deal in the currency. They got filled in dollars for the $4.75bn they were looking to raise. The issuance run rate so far this year is the lowest for five years resulting in a sense of fru [...]

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It must be a relief rally

Because macro isn't improving... Uh oh... The signs are there, the Eurozone is slowing sharply and we might ultimately be heading into recession territory for the region. The ZEW index, a measure of economic confidence in the German economy fell to -8.2 in April and to the lowest level in over five years. Add into that the weak Q1 reports taking in industrial activity, expor [...]

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ECB corporate purchases reach landmark

Treading water in tentative session The limited Western response in Syria elicited a fairly pragmatic market response. In a tentative, finding-your-feet session opening part of the session, the moves were limited and we might just get away with focusing on the earnings season and macro rather than geopolitics. Into the end of the month, that is. The relief that the US and [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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