Archive

Monthly Archives: April 2019

30th April 2019

It rarely gets much better

Corporate bonds racing ahead… January, February, March and April gave total return performances in euro-denominated IG credit of +1.1%, +0.7%, +1.4% and +0.7%, respectively (source: Markit iBoxx). For the year to date, it’s +3.9%. Who would have thought? That’s an extremely neat and tidy start to what was probably seen by many as going to […]
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28th April 2019

Zzzz… it must be month-end

But it’s been good… The record close in the S&P index might be the immediate talking point, but we’re having a bit of a reflective albeit snoozy end to the month, with barely little really happening otherwise over the past week. And it doesn’t appear anything will change over the next one – even after […]
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25th April 2019

No showers in April…

…as the month delivers It would appear that a combination of the earnings season, post-Easter blues and month-end approaching are all conspiring to make for a rather uneventful end to April. Save for the potential for a record in the S&P index. Nevertheless, we can all reflect on a decent opening third of the year […]
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23rd April 2019

So far, sooo good

But it’s super quiet… It ain’t been a bad month for credit. Actually, it’s been a quite decent one. That’s about all we can hang on to at the moment because the level of activity has fallen so much. For April thus far, IG credit has returned 0.4% (Markit iBoxx), the AT1 market 1.9% and […]
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22nd April 2019

Back to Safety

Stuttering into a policy response We head into the final week of the month reeling from a weak set of economic data from the Eurozone, which came just a day after China posted better than expected GDP numbers for the first quarter. French and German PMIs for the manufacturing sector show that activity has slumped […]
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17th April 2019

Got to be happy with that

A restful Easter indeed… So we’re about to close up for the long Easter weekend with all markets showing some fantastic results. Those GDP numbers from China will give us some fuel, allowing risk assets to continue to rally for a bit longer. Markets are not going to fall out of bed just yet. There’s […]
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16th April 2019

Inflows, demand, reduced primary, illiquidity…. squeeze

Credit bagging performance… It appears as if the Easter holidays are already with us and are acting as limiter on activity after a breakneck start to the year, against the expectations of most. The Dax is up by close on 15%, the S&P a good session’s trading away from a fresh record high, just as […]
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14th April 2019

2016 (or maybe 2017?) all over again

Credit market lapping it up… There are still a couple of weeks in which to get some business done either side of the long Easter weekend break. And chances are that credit Primary ought to be flying, equities will probably edge higher, fuelled by the potential for further eventual policy easing – while discounting a […]
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10th April 2019

May ‘drags’ on, ECB ‘Draghis’ on

Path of least resistance and all that… Everyone is waiting for something to happen. And that includes the ECB by the looks of it, before it feels that it can act more decisively. The two main developing issues which have us gripped, though, are the Brexit process and the US/China trade tariff talks. There’s seemingly […]
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8th April 2019

Credit outperforms

Biding one’s time… It was very much a touchy-feely session to open the week. The equity markets were a little hesitant, rates were doing nothing and secondary credit was treading water (and outperforming) although we had a few deals in primary to contend with. Brexit headlines over the weekend suggest that the various protagonists are […]
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