Credit Market Analysis

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Credit Market Analysis > Latest Notes

You want yield but from “Almost safe bank”? | Bank Capital Insights

What yields 8.5% YTC and 6% YTP and is issued by the “most defensive” European bank? In the land of the high yielding USD AT1s, a number of issues appear very attractive to own given cash prices and recent sell off.  Out of that lot, a couple of issuers stand out given their strong balance sheet, low risk business model and are shielded from most tail risks.  One such na [...]

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Change in the air…Not

The BoE's Carney was again doing his best to talk up the benefits of no Brexit after that humiliating vote on Tuesday, but that we expect from the establishment. No one knows where this will lead to, but on we go. May's agreed deal with the EU spectacularly failed the Westminster test, just as we expected. On Wednesday she won her vote of no confidence, also as expected [...]

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Voting for a renaissance

Time to Juncker it... All eyes were supposed to be on Westminster, but there was a more than a glance on German GDP data. They might have avoided a technical recession with Q4 GDP managing to record a positive result, but Germany did record the lowest GDP growth since 2013, as last year's expansion came in at 1.5%. That's down from 2.2% in 2017 and corroborates all the emerg [...]

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Steady, Stable, Sound – thus far | Bank Capital Insights

Decent start to US bank earnings We had three large US banks (Citi, JPM, Wells Fargo) report Q4 2018 earnings and there were similar attributes in terms of earnings, outlook and similar comments on the state of the US economy.   All three reported sound increases in year-on-year earnings though they fell short in terms of market expectations/forecasts.  All three banks repo [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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