Archive

Monthly Archives: July 2018

9th July 2018

Breathless on Brexit

Grumpy ol’ day… The market might be open for new deals, but few are choosing to jump through the window and get a deal on the screens. It started off like a grumpy old session, albeit moderately positive but like a real Monday in July – few were taking any chances. The Brexit situation took […]
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8th July 2018

Watch out, watch out, Trumpy’s about

Trying to make sense of the credit market… There’s an argument that the corporate bond market has failed to deliver this year. The evidence is stark when we look at the usual drivers of expectations for the market. Investment grade spreads are 40% wider so far as measured by the iBoxx IG cash index (B+96bp […]
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5th July 2018

Primary needs to flow

Before we put our feet up… The US Independence Day splurge of deals in Europe was not to be repeated in Thursday’s session which fizzled out to be much more of what we might have expected when into holiday mode. Fresenius’ €500m deal on Wednesday is the pick of the bunch for this week’s IG […]
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3rd July 2018

Dark clouds hovering

Credit market caught up in the gloom… Covered bonds, state-owned/controlled corporates, SSAs, a Reit and a corporate in sterling. The session was a damp squib for the euro-denominated primary corporate bond market. We’ve hoped, huffed and puffed but the opening half of the year – and going into the second half, has really failed to […]
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2nd July 2018

It’s like Chinese water torture

Drip, drip, drip… It’s not quite how we would have wanted it, but we’re off to a weaker start to the second half of the year. Global trade war worries top the list with Trump tweeting over the weekend about the EU being ‘as bad” on trade with the US as China is and all […]
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1st July 2018

Chapter 7 up next

Who knows what to expect… At least we closed the month with the markets on the up, but it was a scatty June, fraught with much event risk. So we’re only going to be thinking in terms of it being a relief rally that ended the final session of the first half of 2018. Performance is […]
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