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Credit Market Analysis > Latest Notes

Here comes the summer sun…

Markets play it cool... Equities in the US into record territory, rates giving up some of their stellar gains and IG credit spreads at levels not seen since May 2018. A dovish Fed has laid the foundations for a rate cut at the end of month FOMC meeting, and the ECB looks as if they will also cut the deposit rate and/or announce a new QE programme. Equities will get a further [...]

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Liquidity aplenty, but expensive to hold

... and greater risks emerging Until the late pull back when markets were undermined by the minutiae of the timing of any Fed rate cut, it was looking fantastic. Actually, we don't think it changes much and it is looking very good still. We're in the midst of the mightiest bond grabfest in history. We have record low bond yields. Corporate funding costs are collapsing. The S [...]

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Treading water

Keeping the faith... The euphoria of the month's opening session hit a brick wall, leaving us with what could best be described as a more reflective day for the most part. Hopes and positive soundbites driving markets higher were replaced by the need for something more concrete to emerge from any US-Sino talks. Markets were treading water. Macro is in need of a boost and hel [...]

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Eurozone rates pencil in depression!

The market expects... It could only ever have been a positive session following the weekend's events. President Trump gave reason aplenty for risk markets to rally as pressure eased on several fronts. Hopes of a reasonable trade tariff outcome, the softening of the US stance on Huawei and, for good measure, the love-in at the Korean demilitarised zone all contributed. The [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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