Suki Mann

Author Archives: Suki Mann

12th November 2018

Volkswagen piles ’em high, sells ’em cheap

Size opens eyes… Not usually a price taker, or a price giver, Volkswagen surprised with a 6-part deal, had the market to itself and we would have to concede that they timed it to perfection. And the deals were spread across the ‘Brexit’ divide – with deals in euros and sterling. Given the size and […]
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11th November 2018

Choppy ride into year-end

Credit still holds some lure… China, that ol’ chestnut. More signs of a slowdown as evidenced at the end of last week by European luxury goods makers reported earnings was enough to derail immediate hopes that a post-midterm election boost was going to be sustained. The bullish assessment on the US economy after the latest […]
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8th November 2018

Deep breath

The recovery lasted all but a day. Nevertheless, primary has reopened, the deal flow looks a lot better and could potentially be sustainable – even if equities only tread water for a while. US pharmaceutical group Allergan along with BMW and Intercontinental Hotels piped up for the IG non-financial market in the week’s penultimate session, adding […]
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7th November 2018

Lame duck… ‘ish

But no calamity… The markets liked it.  Reigning in the President got the thumbs up. The runaway express is coming under some control. There will still be executive orders, but likely no more tax cuts and the like. Growth and inflation, therefore, might moderate as any additional expansive economic policies fail to see the light […]
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6th November 2018

Trump’s mid-term report

If only it were that simple… One would think that corporate borrowers ought to be champing at the bit in order to get a deal away. If only because many fear that the ECB’s QE stimulus withdrawal at year-end will necessarily result in higher funding costs. It’s not that simple because the Eurozone economy is […]
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5th November 2018

Mid-terms stifle activity

MARKET CLOSE:
iTraxx Main

69.8bp, -0.7bp

iTraxx X-Over

288bp, -0.2bp

🇩🇪 10 Yr Bund

0.43%, unchanged 

iBoxx Corp IG

B+144bp

iBoxx Corp HY

B+426bp

🇺🇸 10 Yr US T-Bond

3.20%, -1bp

🇬🇧 FTSE 100

7,053.08, -34.84
🇩🇪 DAX

11529.16, -203.72
🇺🇸 S&P 500

2726.22, +0.90

Steadying the ship…

Let’ see what the US mid-term elections brings. It was a mixed and perhaps apprehensive start to the week, but at least we had some signs of life in the primary corporate bond market. Several borrowers emerged from the debris of the past few weeks. We have five weeks left in reality in which to get some good business done, needed in a primary market which has generally failed to deliver this year. But primary can only pick up in a material way if the tea leaves elsewhere are lined up. Otherwise, the deal flow is going to come in fits and starts, just as it has done for much of 2018.

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4th November 2018

Still trading the headlines

Must be time to look ahead to 2019!… A line in the sand drawn for a new month and a new start?  The chance would be a fine thing! It looked like we were off to a flying start for November, but we failed to maintain the improved tone even after a solid non-farm payroll report. Equities […]
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31st October 2018

Grim reaper’s back in his box

Ending with a bounce, but beware!… A new month, thank goodness. Although we ended October on the front foot, we’re hoping it can’t get any worse through to year-end, can it? Drawing a line in the sand is just what we might need following the grimmest of months for markets as risk pricing came under […]
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30th October 2018

Be afraid

MARKET CLOSE:
iTraxx Main

76.0bp, +0.6bp

iTraxx X-Over

302.5bp, +2bp

🇩🇪 10 Yr Bund

0.37%, -1bp

iBoxx Corp IG

B+146.6bp, +1.2bp

iBoxx Corp HY

B+438.6bp, unchanged

🇺🇸 10 Yr US T-Bond

3.11%, +2bp

🇬🇧 FTSE 100

7,053.08, -34.84
🇩🇪 DAX

11529.16, -203.72
🇺🇸 S&P 500

2726.22, +0.90

And not just because it’s Halloween…

Rallies are all too often becoming false dawns, leaving us to genuinely believe we could be at an inflection point for the markets. That means there will be no theme until we get some better clues as to where we are going. Treading water is a well-known survival technique until a ship arrives. It is eerily quiet in the corporate bond market resulting in volumes and confidence at rock bottom levels, with sentiment impacted by the huge levels of intra-day volatility in equities.

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29th October 2018

Glass half full?

Dead cats and all that… Sometimes, it must be so tempting to pile back in. There are a few more in the market now thinking that it is oversold and when equities fight back with some gusto in any session after a series of consecutive sharply lower closes, the temptation to get involved and chase […]
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