Archive

Monthly Archives: June 2018

28th June 2018

First half ending on a bum note

We can work it out… There’s nothing like a drive-by borrower getting a deal in while the markets are riled, with another sneaking one away as well as it tags along in its slipstream. Those two borrowers in Thursday’s session were BP with a three-tranche offering and O2 Telefonica Deutschland. Importantly, it just goes to […]
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27th June 2018

Policy on the hoof riles markets

That’s about it until September… The markets are not being kind to primary credit at the moment, leaving a whole host of potential corporate borrowers possibly flustered. We think that the window to get deals away is open, but few dare pull the trigger while equities are falling so consistently and there is a clear […]
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26th June 2018

Who needs enemies with friends like…

Trade war tops the bill The concern we all have about the unfolding trade war remains the pivotal issue for the market. The UK has additional concerns given how big business is now throwing its toys out of the pram and reducing UK investment – with spending plans apparently being thwarted because of Brexit. Risk […]
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25th June 2018

A messy end to the first half in prospect

As we’re off to jittery start to the week… It looks like someone forgot to inform the credit markets that it was supposed to be a jittery start to the week, and we should have expected a quieter Monday. Equities took note as they moved smartly lower. Safe-haven rate markets were better bid and yields […]
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24th June 2018

Batteries need recharging

Markets lacking inspiration… We might have closed out on the front foot, but that was another damp squib of a week to have traded through, with little really to give inspiration. It seems like that there have been too many of these weeks this year. It leaves us heading into the 6-8 week summer lull/break […]
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21st June 2018

Political risk returns

Primary window might close… The markets played out to a defensive tone in the week’s penultimate session as it took in the implications of the trade war as seen through Daimler’s profit warning as well as the appointment of Eurosceptic lawmakers to key posts in the Italian economic ministry. Not that we would have noticed […]
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20th June 2018

UK rebellion off

Respite session welcomed… It was a regular day in the markets on Wednesday and a better one for risk assets to go with it. Geopolitical and macroeconomic event risk took a back seat and it seemed like the whole of the market converged on Westminster for that crucial EU Withdrawal Bill vote. It was last […]
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19th June 2018

It IS a big deal

Tweetie pie is back… The investor base in the euro-denominated corporate bond market would have been left massively deflated after Bayer decided to pull the trigger on $15bn of issuance in the US, and only €5bn here. We had the appetite and willingness to take down much more. Even as most were fretting about an […]
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18th June 2018

Running scared

It’s more than a rumble… No sign of the expected deluge of issuance. It will come. Instead, we’ve kicked off the week in defensive mode reflecting and fearful on the outcome of the US import tariffs against Chinese imports – and the retaliation. It wasn’t necessarily a very bad session – just soft, reflecting the […]
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17th June 2018

ECB gives credit a leg up

Time to roll up those sleeves… The ECB has given every reason for credit markets to get bullish for the next 9 – 12 months. They’re not moving on rates. Admittedly, QE is ending, but fundamentals remain supportive and technicals will take on a different – but also supportive – dynamic. The bid for rates […]
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