Suki Mann

Author Archives: Suki Mann

22nd May 2018

Pausing for breath

Respite session… Finally, some good news! First off, the Chinese announced a reduction in auto import tariffs to 15% from 25%, with some speculation that they will need/have to cut them further. We await news on other sectors/products having import tariffs reduced. And then we had some bottom fishing around Italian debt markets which was […]

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21st May 2018

Lessons learned in credit

Italy presents no catastrophe for credit… We’ve lost count, but the 68th (?) government since the second world war – Does it really matter?  We have been here, just in a different guise. Most would think that there are far more important things going on in the world – North Korea, Turkey, Argentina, Russia to name […]

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20th May 2018

Italy to the fore

They just got it wrong… Investors often have a gripe about syndicate desks tightening pricing too much and then dishing our poor allocations. The reality is, the method (game) of pricing and then building a materially oversubscribed book gives comfort to investors through knowing there is safety in the numbers. All the more reason to […]

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17th May 2018

Worry wall

Wall of worry rises… Market rates have shot higher – especially in the US – on the back of expectations of improving macro and tightening job markets feeling a necessary rise in inflation, and allowing the Fed to try and bring policy as close to normal as it can. We’re being dragged higher in the […]

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16th May 2018

Rocket Man brings us back down to earth

Pemex blooper… Uh oh! Well, that’s that then. What a shame. And perhaps a lesson for the EU in the Brexit negotiations. There needs to be some give and take. With North Korea threatening to pull out of the denuclearisation talks with the US, having already abruptly postponed/cancelled the next scheduled meeting with the South, […]

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15th May 2018

Mixed macro outlook

Playing into the hands of credit… We had another flurry of deals as primary ramped up, this time covering most markets in IG credit, covered and SSA borrowers. The sluice gates are fully open. It’s taken a while, but we’re getting them at a fairly high rate and hoping that it can continue through this […]

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14th May 2018

Getting the show back on the road

Primary market triple headers That’s more like it. It was like the good old days were back. We had deals, and lots of them! Triple tranche offerings from United Technologies (acquisition financing) and GlaxoSmithKline (for the second time in less than a year) were followed by a dual offering from BMW with US truck maker […]

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13th May 2018

Markets boing boing

Who sold in May?… So far so good for May. There is a decent bid behind both equities and rates product as investors in them choose to play to different themes. Be it macro, geopolitics or policy intervention, there is reason enough for both of these markets to gain while credit looks stuck still pondering […]

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10th May 2018

Credit markets, the ECB and QE

ECB market manipulation: Thank you very much… We don’t believe the ECB will terminate its QE bond purchase programme come September – but think that it may decide to taper it further from the original €60bn and the current €30bn to perhaps €15bn of purchases per month. They’ve lifted in excess of €150bn of IG […]

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8th May 2018

US out

And US and Eurozone rate markets diverge… The markets have a clear preoccupation with US rates as the incoming data and the latest prepared testimony by Fed Reserve chairman Powell all point to the US being able and willing to absorb a series of rate hikes this year (and beyond). They’re ready for them and, […]

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