Category Archives for "Fixed Income Market"

17th July 2018

Holidays are coming, really!

Summertime blues… It’s not getting any better in terms of activity – while the rest of the market is going sideways in terms of pricing. Admittedly, there was an uptick in issuance in the session, but mostly it was financials and covered bonds. There is an eerie disquiet around the plain vanilla non-financial IG corporate […]
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16th July 2018

The numbers don’t lie

Holidays are coming €3.8bn, €2bn and €8bn versus €13bn, €5bn and €2.7bn. That’s IG non-financial, HY and senior financial issuance, respectively, in July so far – against the full month total for the same month in 2017. The numbers don’t hide anything. In fact, they make for a fairly depressing monthly read. They’re important because […]
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15th July 2018

Calling a spade a spade

Trump sides with a hard Brexit… or does he? We’re trading the headlines around the US President, and it’s gripping stuff. With Trump being his usual inimitable self, there is little chance that we’re going to feel overly comfortable with anything. He has dropped a few bombshells already and the UK government’s stiff upper lip […]
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12th July 2018

Trump still the news

Lights out for summer… So, that’s it for this first part of the year. We’re already into the extended summer holiday period. The corporate bond market doesn’t seem like it is in the mood to play ball for another week or so as judged by the dross of primary deal flow. We believed that the […]
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11th July 2018

Trump-inspired trade tensions hit markets

Don’t bet on it… Trump hadn’t even left US shores and was already throwing punches in several directions ahead of his first engagement in Europe, with NATO. They landed. The one which hurt the market most was the $200bn of additional Chinese imports that the US administration will seek tariffs on – with the Chinese […]
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9th July 2018

Breathless on Brexit

Grumpy ol’ day… The market might be open for new deals, but few are choosing to jump through the window and get a deal on the screens. It started off like a grumpy old session, albeit moderately positive but like a real Monday in July – few were taking any chances. The Brexit situation took […]
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8th July 2018

Watch out, watch out, Trumpy’s about

Trying to make sense of the credit market… There’s an argument that the corporate bond market has failed to deliver this year. The evidence is stark when we look at the usual drivers of expectations for the market. Investment grade spreads are 40% wider so far as measured by the iBoxx IG cash index (B+96bp […]
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5th July 2018

Primary needs to flow

Before we put our feet up… The US Independence Day splurge of deals in Europe was not to be repeated in Thursday’s session which fizzled out to be much more of what we might have expected when into holiday mode. Fresenius’ €500m deal on Wednesday is the pick of the bunch for this week’s IG […]
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3rd July 2018

Dark clouds hovering

Credit market caught up in the gloom… Covered bonds, state-owned/controlled corporates, SSAs, a Reit and a corporate in sterling. The session was a damp squib for the euro-denominated primary corporate bond market. We’ve hoped, huffed and puffed but the opening half of the year – and going into the second half, has really failed to […]
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2nd July 2018

It’s like Chinese water torture

Drip, drip, drip… It’s not quite how we would have wanted it, but we’re off to a weaker start to the second half of the year. Global trade war worries top the list with Trump tweeting over the weekend about the EU being ‘as bad” on trade with the US as China is and all […]
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