Credit Market Analysis

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Credit Market Analysis > Latest Notes

🗞️ Starting with a rate cut

If you can't beat 'em, join 'em... Just two weeks into the New Year and a UK rate cut is just about in the bag. Rallying Gilts and a solid bid for sterling corporate credit has seen the sector outperform - with spreads tighter by 6bp (iBoxx index) and returns already up by 2%. Friday's horrible and continued decline in retail sales for December (fifth monthly drop in a row) [...]

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🗞️ 2020’s credit outlook brightening

Financials and high beta credit hold the aces... Given the solid start to the banking sector's Q4 reporting season, it does appear that we are potentially set up for the financial sector to lead the rally in stocks and credit in 2020. That's certainly how investors in credit are looking at it, with financials and high beta credit likely to deliver most of the performance thi [...]

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🗞️ Shades of 2019

It's almost laughable... We're into the second week of the new year and the barriers to a risk asset rally are being dismantled. US equities are in the ascendancy and, at this rate, the S&P500 index will be up at 3500 by quarter's end. There are only around 200 points to go! Even rate markets are playing ball with the day's UK and US inflation/Eurozone industrial data [...]

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Kitchen sinking it

Easing in tensions boosts markets... Borrowers are throwing the kitchen sink at it. There's like a big black hole absorbing anything and everything that comes its way. There doesn't appear to any repricing risk in the near term as the early year exuberance from borrowers and investors alike satisfy both sides of the equation. This is a classic new year dynamic playing out [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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