Credit Market Analysis

The home of credit market analysis for the European markets.  Spread, issuance, yield, returns & fund performance data plus daily expert independent commentary.  For access to a free 1 week trial of subscription-only premium insights direct to your email inbox, sign up here.

Spreads

Returns

Funds

Issuance

Credit Market Analysis > Latest Notes

To Fall or Not to Fall on the Non Call | Bank Capital Insights

Head Scratcher or Mis-priced Hope? Banco Santander (SANTAN) in the end decided not to call their EUR 6.25 Perp 19 AT1 for economic reasons.  This is the first AT1 not to be called and, to some extent, this has come as a surprise to most investors.  However, purely from an issuer perspective, it makes complete sense. Post the non-call, with a reset spread of 541 bps, this [...]

Continue reading

(Free Content) Trade Ideas – What You’ve Been Missing!

GJ Prasad's Trade Ideas column has been providing actionable, tactical trading ideas in bank subordinated debt and single name CDS in the form of a weekly note. Here are a few of the trade ideas so far which you can now read free of charge to get a feel of what this new subscription service offers: SANTAN: https://www.creditmarketdaily.com/want-a-nice-trade-to-play-s [...]

Continue reading

Relative Value in EUR High yield AT1s | Trade Ideas

Periphery or Core Eurozone AT1..tough to choose.. UCGIM or RBIAV AT1 In general, investors seem to like owning AT1s issued by core Eurozone banks and avoid those issued by peripheral banks, especially the Italians. They are probably right to do so to a large extent given the potential tail risks emerging from Italian politics, for example. But, what if there is a core Euroz [...]

Continue reading

It was just too good a thing

Squeaky bum time, again... Approaching the half way point for the month and we find that credit spreads have performed better than even the most bullish of expectations. OK, there are still almost 11 months to go and the macro risks are building, but we have some good performance in the bag to help alleviate some of the inevitable weakness and/or pain to come. The situation [...]

Continue reading

Don’t Forget…Corporate Bonds expert Dr Suki Mann

As a subscriber, you never miss a post AND get access to exclusive daily credit market analysis content!
Sign up today for our free 1 week trial to join our savvy MiFID II-compliant subscribers.

MiFID II is HERE!