Archive

Monthly Archives: February 2018

28th February 2018

Corporate bonds: Boring, but dependably so

Not bad, not bad at all… A few have recently been questioning the merits of investing in corporate bonds given a fairly unexciting – and weak – month for the product. But the potential opportunities elsewhere – equities, for example, haven’t exactly covered themselves in glory either. We’re all sitting on negative returns for February […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

27th February 2018

ECB’s new issues mission… failed!

Limited influence on primary markets… The ECB expanded its QE programme to take in corporate debt back in June 2016 and has lifted almost 17% of the eligible market since, amounting to a little over €140bn of corporate debt securities. The reason given, or assumed by the markets, was to improve (or fix) the transmission […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

26th February 2018

America First, our guiding light

European risk: Could do better… Monday’s opening on the back of the positive close in the US was always going to be a firmer one. It didn’t disappoint on that front, but we didn’t quite play the same hand as that more exuberant session on Wall Street. America First it really is! Month end, a […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

25th February 2018

Holding one’s nerve

Worm not ready to turn yet… It will not have escaped anyone’s attention that the tightening in credit spreads has hit a brick wall. Even when equities have a good session, spreads seem to tighten reluctantly – if at all. Weakness is moderate, however, when it occurs in IG and the contingent convertible bond sectors […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

22nd February 2018

The silence is deafening

No reservations yet about credit markets… The (as expected) positive tone regarding US growth and inflation from the FOMC minutes still managed to leave the markets in a quandary as they struggled again to reconcile the growth/inflation/rate hike conundrum. US rates sold off overnight but did little to provoke the same reaction here, while the […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

21st February 2018

Things can only get better

Christmas blues… It feels like December, not late February. The only difference in the credit market is that no one is winding down for year-end, but instead champing at the bit to get some new primary issues on their books. The last meaty (in size terms) deals came from Novartis and Unilever during the opening […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

20th February 2018

Answers on a postcard, please

Tick tock… The corporate bond market still seems shell-shocked from the volatility of a couple of weeks ago as it fails to offer anything to really get its teeth into. Secondary is dull across the board, there’s little by way of event-risk with the sector to get concerned about and primary is just throwing up […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

19th February 2018

Washington has its (his) day

Much ado… President’s Day in the US meant that we all had bit of a break. We’re into the last few trading sessions of the month and must be looking to continue to recoup the losses of a few weeks ago. As it was, the session petered out into something of a ‘bore draw’, and […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

18th February 2018

The walking dead

Altering the cycle’s DNA… We rescued some performance last week, and with just over a week of it left, we might just see out what could potentially have been a difficult February with the clock wound higher again. We’re not sure that lessons would have been learned from the correction we have traded through. After […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.

15th February 2018

Wobble over

The force is with us… It’s been a good week for the markets in the sense that they have managed to stabilise, regain some much-needed composure and then move a little higher. This, following on from a fairly tumultuous couple of weeks previously. Equities are set for a decent run into the last week or […]

Subscribers can log in to continue reading.

Otherwise, purchase The Monthly Access Pass or One Year Subscription to become a subscriber.