Archive

Monthly Archives: September 2018

30th September 2018

🇮🇹 Here we go again!!

Mamma mia… routed… The markets were well-shaken out of their complacency during a torrid final session of the third quarter. Up until that point (just about), the markets had managed to swat aside the many potential banana skins which had come their way. They have learned to live with Trump, good levels of economic growth […]
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27th September 2018

September squeezed dry

Issuance run ends, for good reason… We had a quieter session on Thursday and it looks like there could be a premature end to the month’s activity. It’s been an excellent one, to be fair. But it was still a bit of a surprise – given that we were all guns blazing and ignoring the […]
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26th September 2018

Telephone numbers

Credits’ September love-in… It’s going as swimmingly as can be for the corporate bond market right now. It’s been a while since we have managed to trade through a period so well. We have new issues aplenty going some way towards satiating the need for cash-rich corporate bond investor portfolio investors to get their booty […]
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25th September 2018

Credit primary not waiting for the Fed

FOMC and 25bp up next… After an indifferent opening in Europe, we managed to hold a little higher amid little material news flow that ought to have suggested we should hit the ball out of the park. The previously mentioned event risk situations continue to lurk (China/US, EM, Turkey, Italy, Brexit), but with the headlines […]
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24th September 2018

Ruby Tuesday

Cautious start to the week… The market’s positive momentum of last week was checked as trade tensions rose with the US imposing tariffs on $200bn of Chinese goods and China broke off from further talks. There might have been moderate weakness in both equities and government bond markets during the opening session of the week, […]
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22nd September 2018

Some defiance at last!

20-30bp is the new 10-15bp… That was a good second half of the week and gives us a platform to rescue performance as we close in on the end of this month. Fresh record-high stocks in the US were the principal take away, but we in the corporate bond markets will be feeling relieved that […]
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20th September 2018

The future is bright for credit

Scene set for a squeeze in spreads… Could it be that credit spreads are set for a squeeze tighter through the remaining months of this year? One of the features of the supply seen this month is that books have been oversubscribed by a considerable margin, and deals have been able to be priced tighter […]
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19th September 2018

Fixed income feels the chill

Rates are the story… The only market bursting out of the blocks is the rates one, that is, with yields heading higher and close to setting the highs for the year in the US (10-year), while the 10-year Bund yield up at close to 0.50% is still 27bp short of its highest level for 2018. […]
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18th September 2018

One hand giveth…

The other taketh away… Deals galore littered the primary markets in one of the heaviest sessions for a while – most likely this year so far in terms of the number of issuers. There was SSA issuance, covered bonds, IG and HY corporates, senior and subordinated financials and in dollars, euros and sterling currencies. So […]
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17th September 2018

Indian summer

Taking stock… We’re just past the halfway stage of the month and, having manoeuvred a few bumps and scrapes, the market is holding relatively well. All eyes, as usual, have been on the US and their domestic economy is powering ahead. The economic storm clouds have threatened elsewhere but the bellwether S&P is clinging on […]
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