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Credit Market Analysis > Latest Notes

Primary’s going to erupt again

Much needed breather sets us up nicely... The latest round of central bank meetings are over. We have been left a bit to think about, though, with the Fed alone failing to offer a dovish note. The US central bank didn't really nail it in the sense that they only did enough to keep the markets guessing some more, with Powell preferring to adopt a 'moderate adjustments' policy [...]

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Panic stations, but few worry borrowers flood the market It almost seems like panic selling... of debt securities by corporates. It ought not to be the case (or viewed that way) because low funding costs are here to stay. However, it's rational that corporates are in the market as they can, in many cases, borrow easily and be paid to do so - just as Glaxo's front-end €2.5bn grab demonstrated earl [...]

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HY: Comfortably Numb (Free Content)

"May you live in interesting times"... In my last note, I suggested a rotation from more expensive BBs into Bs as a means of reducing systematic risk and in preparation for a squeeze in yields as we enter the year-end period. YTD performance and valuations all point to caution as we enter the home straight. Q3 earnings will be critical in determining who is on the right side o [...]

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Event risk swatted away

Markets resilient as geopolitical risks rise... The attack on Saudi oil installations over the weekend ought to have put a bit more of a dampener on the week's opening session, as markets took up only a moderately defensive positioning. Oil prices rose by 10% and there might well be a medium-term impact on global macro, just as we assess the geopolitical implications for the [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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